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 [...]
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Mechanics Lien: Getting Paid Faster Means Protecting Lien Rights According To Industry Magazine
George Hedley, a licensed business coach and author of The Business Success Blueprint For Contractors, recently published a very practical article about getting paid in the Independent Electrical Contractors’ Insights Magazine: How To Get Paid Faster! “Getting paid,” reports Hedley, is the biggest challenge facing contractors. This is something we’ve echoed here on the Lien [...]
Collections Policy: How Other Security Can Help Collections Policy
I find myself writing about policy a lot on Lien Blog. Today’s discussion is about collections policy. Collections policy is the last moving part when it comes to credit policy. Overview of Collections Policy If all goes as planned then there will never be a need to implement a collections policy because your company [...]
Retainage Best Practices
Last week we wrote an article about Retainage laws: What Rules Apply And How Do You Get Your Hands On The Money. This article defined and debated retainage laws and practices, and enumerated how the laws operate across the country. It hinted at, but did not directly state, that these laws are negotiable. In large part, [...]
Lien Policy or Other Security Can Help Collection Policy
Recently we have been examining collection policy in the context of a company’s overall credit management scheme. Having a written lien policy with a set and strictly followed procedure is important not only to recover the money owed to the business, but also for the sake of efficiency. If the proper steps to be taken, and [...]
Collections: Why A Company Needs A Collection Policy
In every industry there is a need for collections. Most companies that I see from day-to-day are completely reactive in the collections approach. This is the company who waits to not be paid, then tries to do something about it last minute. This tactic is not a smart one to live by. Be Proactive Regarding [...]
Collection Policy: In-House or Outsource?
I’ve mentioned that a collection policy is an important part of a company’s overall credit management scheme. And, that a good collection policy, coupled with a thorough lien policy, may enable a business to generally avoid getting to the litigation portion of their credit policy. An integral part, and a good first step, of a collection [...]
Retainage: What Rules Apply And How To Get Your Hands On The Money?
The word “retainage” can strike fear into the heart of anyone in the construction industry. The tool is a necessary evil, but it is often abused and almost always the source of job site confusion. This article aims to describe key features of retainage laws across the country and explain how to use, but not [...]
Considering the Relationship When Collecting Payments
When you’re running a small business, you know one thing: relationships are key. Your customers are what fuel your business and you really can’t afford to lose even just one. That’s why when it comes to talking to customers about late payment, you often find yourself hesitating. You never want to do anything that could [...]
Collection Policy: An Overview
Quite a bit of space on the Paid Blog lately has been used to discuss credit management, including credit policy, lien and notice policy, securing debt, litigation policy, and more. Throughout these discussions, however, very little time and space has been given to collection policy. A collection policy, though, is an important piece of a [...]
How To Collect On An Overdue Invoice in the Construction or Building Supply Industries
Credit and collection professionals, collection agencies and agents, attorneys and absolutely everyone in the ARM industry will tell you the same thing about aging receivables: start collection actions as soon as possible. It’s a clear fact that an overdue account becomes less collectable each day that collection efforts are postponed. But where do you begin? [...]
Columnists
Scott Wolfe Jr., JD
CEO of Zlien, and a licensed attorney in six states, he's experienced in construction & corporate credit management laws....Read More
Nate Budde, JD
Zlien's Chief Legal Mind and licensed attorney. Nate is a Stanford & Tulane Grad, a Jeopardy! alumni and more....Read More
Seth Smiley, JD
Construction attorney in California & Louisiana, Seth is an experienced construction litigator and Zlien's COO....Read More
Funding Gates
The world's first CRM for receivables management.Read More
Gretchen Lynn
Operations Genius at Zlien - She writes all the fun stuff here.Read More
Jason Bull
Zlien's Research Giant - He shares tips and info on how to confirm project, surety or construction party data.Read More
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