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A Constant Stream of Helpful Content on Getting Paid in Construction
South Carolina lien waivers allow contractors, subcontractors, and suppliers to relinquish their right to file a mechanics lien upon receiving payment. Using these waivers correctly ensures smooth payment processes and compliance with legal standards. A lien waiver confirms payment has been received and waives your right to file a mechanics lien for that amount. It […]
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Indiana Lien Waivers: Templates and Guide
An Indiana lien waiver is a key document that allows contractors and suppliers to give up their mechanics lien rights after receiving payment for services or materials. Using lien waivers correctly ensures payment compliance, minimizes disputes, and complies with Indiana lien laws. Subcontractors and suppliers must understand this process to protect their financial interests and […]
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Working Capital Management for Smoother Construction Operations
How can construction businesses ensure there’s enough cash in the door for seamless operations? Working capital management. What Is Working Capital? Working capital, or net working capital, is the amount of money you have to cover the daily operations of your construction business. It’s also money you can access instantly to pay suppliers, loans, payroll, […]
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Keys to Optimal Cost Management for Construction Projects
Project management is a growing industry by all accounts. According to PMI, by 2027, businesses will need nearly 88 million FTEs in project management-oriented roles. This shows how important project management is – and how crucial it is to keep its costs as low as possible. Without effective project cost management, expenses can spiral out […]
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Managing Seasonality in Construction: Maintaining Profitability
Valued at over $2 trillion, the US construction market is booming. However, despite the many opportunities, construction companies and professionals face various challenges–from increased cybersecurity risks to dealing with demand fluctuation and seasonality. It’s the latter that’s going to be the focus of our article. If you are worried about your construction business not coping […]
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A Guide to Optimizing Construction Project Delivery
An astonishing 91.5% of projects in construction either go over schedule, over budget, or both, due to a wide range of factors–from cost overruns to supply chain delays. But there are also many ways to mitigate these issues, streamline operations, and improve efficiency and profitability. Effective project management is essential for successful delivery. Poor project […]
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Seamless Financial Closeouts in Construction: A Guide
Closing out a construction project is the last step in wrapping everything up. To get across the finish line, you must ensure everything is completed in accordance with all contractual obligations–including the financial closeout. If you’re managing a construction project, nailing the financial closeout means fewer headaches, smoother transitions, and a happy client. But what […]
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Communicating Project Milestones to Stakeholders: Best Practices
Communication is paramount for a project to be completed effectively, especially when multiple people are involved, as is the case with construction projects. From closing a new construction contract to completing each phase within time and budget, effectively communicating with the relevant stakeholders can make all the difference. But how, exactly, can you communicate in […]
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Optimizing the Construction Contract Lifecycle Process for Better Results
Total construction spending in the United States continues to rise and is estimated to have eclipsed $2.1 billion in September 2024 alone. You want to strike while the iron is hot. Nothing gets done in construction until all parties sign a legally binding agreement. The stages of the contract lifecycle are the same regardless of […]
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NC Lien Waivers: Templates and Guide
In North Carolina, subcontractors, suppliers, and contractors are often requested to sign lien waivers to relinquish their mechanics lien rights in exchange for payment. It’s important to understand how lien waivers work in the state and how they are worded to ensure you only sign away lien rights on payments already received. NC Lien Waiver […]
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