Published on September 29, 2014
1. Notices of Intent to Lien: Better than Demand Letters
2. Construction Credit Knowledge Every Wednesday 1pm CST Signup At: http:// www.zlien.com/ credit-academy/ webinars/
3. Facing Serious Difficulty Getting Paid ! Have Some Delays But Cash Coming Through ! Paid Fairly & On Time 77.8% 22.2% 0% http://zlien.us/17Fx31Y
4. PAY WHEN PAID PAY IF PAID JOINT CHECK AGREEMENTS BANKRUPTCIES DELAY DISPUTES & DAMAGES WORKMANSHIP DISPUTES CHANGE ORDERS SCOPE OF WORK ISSUES CODE INSPECTION VIOLATIONS PREVAILING WAGES
5. How do you combat these issues and GET PAID?
6. The Notice of Intent to Lien
7. 5 Reasons Notices of Intent to Lien are BETTER than a generic demand letter Notices of Intent to Lien are more effective than demand letters for many reasons, but these 5 are all that are needed to make the switch
8. 1.Demand Letters are not Industry Specific
9. You need the right tools for the job Industry specific tools matter, and the collection tool most appropriate and specific for the construction industry is the Notice of Intent to Lien.
10. 2.Letters of Demand are Toothless
11. Demand Letters are empty threats General demand letters do not have the leverage that industry specific notices can provide. There is essentially no practical difference between a demand letter and any previous friendly emails requesting payment. Sterner sounding language provides no legal obligation for you to be paid.
12. When addressing aging receivables, it’s important to be specific: Why aren’t your accounts being paid? It could be that your invoice isn’t a priority, or perhaps the debt is out of your customer’s hands (due to payment complications up the contracting chain). Demand Letters does little to address either of these problems. A Notice of Intent to Lien, however, does. And it does it by leveraging the power of mechanics liens.
13. 3.Notices of Intent to Lien are More Effective
14. Notices of Intent Leverage Mechanics Liens to Get You Paid Sending a Notice of Intent to Lien is effective in getting you paid because it leverages the availability of a mechanics lien to support the claim for payment - and mechanics liens are the most powerful tool in the construction industry to guarantee payment.* *See Why: http://www.zlien.com/articles/17- ways-a-mechanics-lien-works-to-get-you-paid/
15. Since it’s specifically designed for use in the construction industry, and uses the power of a potential mechanics lien as leverage, the Notice of Intent to Lien also has some other unique benefits. A Notice of Intent to Lien,involves everyone on a project. As well as notifying your non-paying customer, a notice of intent informs the owner, GC and lender of your intent to lien, and can prompt otherwise disinterested parties to sit-up and take notice, and pressure the non-paying party to pay up.
16. 4.Survey Says . . .
17. Research proves effectiveness Numbers don’t lie. Based on a recent survey, nearly half of all notices of intent sent secured payment within 20 days of delivery. Considering how easily (and cheaply!) these notices can be sent, they have truly become a no-brainer in securing payment.
18. View the Infographic: http://zlien.us/noitl
19. 5.Prioritize Your Invoice
20. View the Infographic: http://zlien.us/noitl
21. WHY Isn’t Your Customer PAYING?
22. All these problems/excuses boil down to one thing PRIORITIES
23. Owners and GCs Track Notices If you have secured your extensions of credit by sending preliminary notice (when necessary) - sending a Notice of Intent will definitely get attention, and move your invoice to the top of the pile. No one wants a mechanics lien throwing a wrench in the works of the project.
24. Don’t Just Wait. ! A Notice of Intent To Lien Prioritizes Your Debt
25. 3 Final Points You Do Not Need To Be Specially Qualified To Send A Notice of Intent ! They Have No Actual Legal Consequence, but harness the power of something that does ! They Are Inexpensive And Easy 1 2 3
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