You are a subcontractor or supplier and you have an unpaid account on your hands. This can happen for a variety of reasons. Maybe your customer filed bankruptcy, is being stretched because of a pay when paid clause, or maybe they are involved in a construction dispute. Notwithstanding the circumstances the fact remains that your company isn’t paid and it’s hurting your bottom line and your quarterly numbers. What is the best way to collect?
Alternatives To The Mechanics Lien
The title to this post questions whether mechanics lien rights are the best it gets when it comes to collecting a construction debt. If you are a reader of this blog you know that I believe the mechanics lien is the collections holy grail. I’m not the only one.
When it comes to lien alternatives, they are better than nothing, but they are not a substitute for powerful lien rights.