Payment bond rights under your state’s Little Miller Act statute are not easily avoided. Little Miller Act statutes allow subcontractors and lower-tiered parties to make claims against the payment bond that every general…Read More
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The basic definition of a joint check agreement is a contractual agreement between multiple parties whereby one party agrees to or is given permission to make payment jointly to two or more parties. Joint check agreements are most common in the construction industry because so many tiers of parties participate in a project. A joint check agreement is commonly entered into between a general contractor, a subcontractor and a material supplier.
Sometimes, the financial situation of certain parties throughout the contracting chain on a construction project can be less than ideal. More likely than not, the owner or even the general contractor are not aware of this situation,…Read More
Every day, credit professionals are challenged to handle sensitive financial situations for businesses. They are trusted to analyze complex situations and to make an educated judgment about how to financially interact with other companies. This is a big job. It can…Read More
Research professor Thomas Schleifer has published a string of op-ed articles at ENR.com warning those in the construction industry about the financial perils and risks associated with a rebounding economy. In turn, we’ve highlighted these articles…Read More
Joint check agreements are encountered nearly every day by credit managers in the construction and building supply industries. These documents are wildly popular, but they’re also wildly unpredictable and the potential source for costly mistakes.
Over the…Read More
This past Wednesday, Nate & I co-hosted a very successful Webinar: The Joint Check Agreement Mistakes That Can Cost You Thousands. It was very successful, and we had a great discussion…Read More
Running a successful business can be full of complications, but your company’s bottom line really boils down to doing two things well: (1) Acquiring clients; and (2) Getting paid for what you do. It’s that simple.
Joint Check Agreements can be a great tool for your credit department, but because of its complications, it can also be the cause of serious problems. Our recent blog series on joint check agreements…Read More
This fall, we focused a lot of attention on joint checks, authoring a series of blog posts that discussed a range of joint check issues. Through the years of consulting with companies about payment rights, I’ve learned…Read More