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Webinar: How To Get Paid Using the Mechanics Lien (and Lien Notices)

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Information about Webinar: How To Get Paid Using the Mechanics Lien (and Lien Notices)
Technology

Published on September 29, 2014

Author: zlien

Source: slideshare.net

Description

Accompanying Webinar: http://hub.zlien.com/how-to-get-paid-using-mechanics-lien-webinar

The Mechanics Lien is a great tool for subcontractors and material suppliers to secure payment for their work. Liens give those lower on the chain in construction leverage over property owners and general contractors to demand timely payment.

However, over time various contractual provisions have been used to shift financial risk away from one party onto others,

This webinar will take a look at common risk-shifting provisions and then will explore how to collect payment using lien notices and the mechanics lien.
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1. Taking Your Company’s Financial Neck Off The Line

2. Construction Credit Knowledge Every Wednesday 1pm CST Signup At: zlien.us/z-web

3. Shifting Financial Risk There are many contractually based risk shifting mechanisms, but the most sure method is using mechanics lien and bond claim laws. ! Here is why.

4. Thomas Jefferson introduced the first mechanics lien legislation.

5. If You Build It And You Don’t Get Paid For It You Can Have It

6. America believes that trade contractors and suppliers should get paid.

7. America believes that GCs and Owners should shoulder the burden of a project’s financial risk.

8. 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

9. 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

10. An epic battle between contract and policy

11. Mechanics lien laws provide contractors remedy in event of non-payment Contracts start to include “pay when paid” clauses. Courts say this is only a “timing” clause 1791 40’s 60’s 80’s 2000 Contracts start to include “no lien clauses.” Courts void these provisions as anti-public policy Notice Claim Provisions now appearing in contracts with strict claim periods. “Pay when paid” turns into “pay if paid.” Many courts declaring this void as against public policy.

12. Mechanics Lien Rights ! Payment bond requirements ! Contractor license bonds (i.e. WA) ! Misappropriation of funds laws and criminal statutes ! Contractor payment timing laws Laws Protecting Subcontractors & Suppliers

13. Mechanics Lien Rights ! Payment bond requirements ! Contractor license bonds (i.e. WA) ! Misappropriation of funds laws and criminal statutes ! Contractor payment timing laws Laws Protecting Subcontractors & Suppliers No Lien Clauses ! Pay When Paid Clause ! Pay If Paid Clause ! Notice Claim Provisions ! Retainage Requirements Owners / GCs Attempt To Shift Risk With Contract

14. Mechanics Lien Rights ! Payment bond requirements ! Contractor license bonds (i.e. WA) ! Misappropriation of funds laws and criminal statutes ! Contractor payment timing laws Laws Protecting Subcontractors & Suppliers No Lien Clauses ! Pay When Paid Clause ! Pay If Paid Clause ! Notice Claim Provisions ! Retainage Requirements Owners / GCs Attempt To Shift Risk With Contract Judges (usually) tip the scales back to subs & suppliers

15. An epic battle between contract and policy

16. America believes that trade contractors and suppliers should get paid.

17. Liens were created to protect subcontractors and suppliers.

18. Liens were created to protect subcontractors and suppliers. To shift financial risk away from the trades and suppliers….

19. Notices were created to protect owners and general contractors.

20. Notices were created to protect owners and general contractors. To shift financial risk back down the contracting chain.

21. Notices to general contractors. How? To shift financial risk back down the contracting chain.

22. What do GCs and Owners do with preliminary notices?

23. Use Software to manage “financial risk” - which is the risk of lien

24. GCs and Owners Track Who Does And Does Not Send Notices

25. Track Preliminary Notices

26. If not Textura, they are using something to distinguish between those who do and do not send preliminary notices.

27. What this means to you.

28. PRIORITIES

29. Smart Companies Always Send Preliminary Notices

30. Smart Companies Always Send Preliminary Notices Because they prioritize your invoices above others.

31. Secure your debt.

32. START OF YOUR WORK END OF YOUR WORK Secure your lien rights with a Preliminary Notice. This is sent right when you begin furnishing. 30 DAYS PAST DUE 90 DAYS PAST DUE

33. Send a notice of intent to lien after work is completed and you are unpaid. START OF YOUR WORK END OF YOUR WORK 30 DAYS PAST DUE 90 DAYS PAST DUE

34. File your lien or bond claim. START OF YOUR WORK END OF YOUR WORK 30 DAYS PAST DUE 90 DAYS PAST DUE

35. • 2 Emails Per Week For 6 Weeks ! • Credit & Collection Policy Tips ! • How Successful Credit Professionals Increase Revenue And Decrease Risk Free! http://zlien.us/6week-creditpro

36. Ask Us!

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