Minimizing Your Risk While Maximizing Your Profit
Approximately one of every two construction-related businesses reported significantly higher unpaid receivables last year than the year before. Although this is by no means a new issue for companies across the country, it is still one that requires some consideration.
There are many reasons why payments are delayed. Often times, these delays have nothing to do with the supplier or subcontractor. Instead, they range from problems with a loan to the insolvency of the property owner or general contractor. Unfortunately, this is a growing dilemma throughout the construction industry. Many companies have found that relying on contractual agreements has proven to have its weaknesses, as well as the potential to damage the relationship they have with their client. In an effort to protect that relationship as well as their payment, companies have found that using the state-issued Mechanics Lien laws is the most effective tool which accomplishes everything they need, and more. Because lien rights can cause serious hardship upon an otherwise innocent owner, many states require that lien claimants strictly comply with each and every provision of their state’s lien laws, or their lien may be unenforceable. Due to these very strict guidelines imposed by each state, it is nearly impossible, as well as impractical, for companies to handle the task in-house and reach the desired level of efficiency for the time that is spent on the process. Between the labor associated in gathering and researching the necessary information, followed by trips to the post office for mailing, and then tracking it all, it’s just not cost effective; not to mention the exposure they still face in the event of a minor human error, which can potentially cost them thousands.
How can you protect yourself and avoid the obvious pitfalls?
Nationwide Notice partners with companies of all sizes to secure their lien rights. We provide our clients with a uniquely streamlined application which allows them to submit, view, track, and manage every aspect of the process from the very tips of their fingers, and from anywhere in the world.
Make the most of your business and turn your Accounts Receivable department into the strongest link in your company. Call Nationwide Notice today for a free consultation, and let us show you how we can empower you to have complete control and oversight, with minimal effort. This quick and painless process will safeguard and streamline your company, and ultimately save you thousands of hard-earned dollars.
Editors Note: Over the years, Nationwide Notice has developed the most proficient service for companies who are interested in maintaining their rights to collect on completed jobs, while also protecting their receivables. Because of the unique features offered by Nationwide Notice, as well as the ability to implement features based on client needs, its service alleviates much of the time spent on this crucial task, and provides more control without adding to an existing workload. Because of its success with this task, Nationwide Notice has been able to make the Accounts Receivable department the strongest link in any organization. Providing the most cost effective, streamlined, and efficient system industry wide.
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About the Author Ana Ledon is the national sales director with Nationwide Construction Notice, a company with more than 20 years of experience with lien laws across the country. For more information, contact Ana directly at 561.463.3770, email , or visit www.nationwidenotice.com.
Modern Contractor Solutions, July 2014
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