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There are many myths about construction bonds. Common misconceptions range from the idea that surety bonds are unaffordable to questioning whether they are necessary at all. For the sake of clarity, let’s bust a few of those myths, so that you can conduct your business with the truth in your toolbox.
A mechanic’s lien is a last-resort measure used by construction procurers to obtain payment withheld by a client. In this day and age, however, many clients harbor valid concerns about fraudulent liens, especially considering Louisiana’s loose requirements for filing a mechanic’s lien. Whether you’re a contractor, supplier or equipment lessor, a mechanic’s lien waiver is an effective way to protect your clients from fraudulent liens.
The world of public contracting is quite complex because at stake are a lot of taxpayer dollars, with figures sometimes in the billions. In order to compete for these jobs, contractors will have to take out contract surety bonds. Two types of contract bonds which you’ll need for this work are performance and payment bonds. Here’s a quick introduction to what they are, and how they differ.
In Louisiana public contracts and jobs have been gaining momentum for my clients. Over the past few years there has been a spike in public work and as these jobs reach completion contractors, subcontractors, equipment lessors, laborers and materials suppliers are forced to become well versed in the layout of the public bid law.
In the legal and collection industry we call this document a demand letter, but in most other circles its simply known as an "attorney letter." There are many people who are fearful of this type of correspondence and others who simply trash or avoid it as a matter of course.
Regardless of how it is treated by the recipient, an attorney letter can 1) get you paid quickly and 2) is generally inexpensive. Neither of these two qualities exist in many legal offerings.
The construction industry, just as any other industry has its own terminology or lingo. There are many examples such as "punch-list," "lien" and "substantial completion" to name a few. No words are more dreaded than change order. Construction change orders are some of the most litigated and disputed documents in all of construction law.
Depending on which side of the table you are sitting at when signing a contract, will determine how the collections process at the end of project will go. Contract terms are key to a successful collection for final payment. A good contract can help the parties by: Lay out the scope of work for the […]
The project is either over or it is winding down, money and tensions are getting tight. Contractors know this scenario very well. The problem arises when a lawsuit is delivered because of the dispute. Many contractors do not know what to do once they receive a lawsuit. This post will outline the possibilities of what happens after the lawsuit is received.
In today's business culture we call businesses working with other businesses B2B. It has always been a popular practice to the alternative, business to consumer. The rules are different governing B2B as opposed to B2C. The legal and business world assume that the B2B relationship and players are more sophisticated. This post discusses what […]