In my opinion, security is an important part of a credit policy and I often wonder why it is not more fully utilized when available. To this end, I have written about the importance of businesses in the construction industry incorporating a robust lien and notice policy into their overarching credit policy on numerous occasions. [...]
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Notice Of Intent To Lien: Great Tool For Getting Paid!
A great tool that I always reference on the Zlien website is the Charts & White Papers page. There are a number of helpful resources on this page. Today I will discuss the map regarding the summary of construction notice requirements. In particular, this map indicates states where a Notice of Intent to Lien is [...]
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 [...]
Corporate Lien Policy: Are You Prepared?
I get calls from clients all the time stating that they need to file a lien and they have no idea how to do so since they rarely need to. Every construction company big or small needs to have a Corporate Lien Policy. We have done numerous posts on this blog regarding Preliminary Notice policy. [...]
Lien Policy: In-House or Outsource?
I’ve mentioned several times recently that a robust lien policy can be an enormous benefit to a company’s overall credit management scheme and bottom line, if that lien policy is routinely followed. While this is great news, and very beneficial to companies in the construction industry, the unfortunate truth is that continually sticking to a [...]
Lien Policy or Other Security Can Help Litigation Policy
Just yesterday, Seth wrote a great post outlining ways to structure a litigation policy and determine when the expense and time of litigation may be worth pursuing. As an attorney myself, I completely agree with his determination that some claims just aren’t worth pursuing, as a practical matter. The same goes for the conclusion that [...]
What’s the Most Important Part of a Mechanics Lien Policy?
Mechanics Lien Policy is Important for Credit Policy I’ve recently mentioned that, in my opinion, a consistent and consistently utilized lien policy is a crucial part of a proper credit policy for companies in the construction industry. It’s important not only because it offers emotional security by legally securing the debt, but also because it [...]
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? [...]
3 Things To Turn Your ARM Problems Upside Down
The construction and building material supply industries have significant credit challenges, as we’ve explored here on the Lien Blog over the past few months. If you’re a credit manager or director of credit in these industries you’re constantly balancing the need to accept more revenue with the job of mitigating financial risk. It’s a very difficult job. [...]
Accounts Receivable Management for Construction Industry Controllers
The accounts receivable management industry is finally getting a little love from technology. If you want proof, check out the great things being done by folks like Cortera, Receivables Exchange, and FundingGates. Standard operating procedures for businesses in managing credit and accounts receivables are applicable to those in the construction and building material supply industries. However, [...]
What To Do When Your Customer Doesn’t Pay On Time?
The construction and building material supply industries face serious credit challenges. Traditionally, controllers and credit managers have resorted to time-tested tools to reduce or mitigate the credit risk inherent in the industry. These tools include: Credit reports and credit monitoring Getting credit agreements signed and personally guaranteed Joint check agreements Bank financing or Factoring None of these [...]
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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