Since 1982, the Prompt Pay Act has been in place to require federal agencies to make payments on time. When they are not made in a timely manner, interest builds. According to the Prompt Pay Act, every proper invoice must be paid with 30 days of its receipt. If an...
Year: 2020
Protect your business against defect claims and lawsuits
As a contractor, you know that the success or failure of a building project is in your hands. If something goes wrong, you could end up with a very unhappy client -- and a project that is delayed or otherwise ruined. Construction defects cost you time and money, and...
Do you know what to include in your partnership agreement?
Entering into a partnership is a big decision. If everything works out as planned, it can benefit you and your new company in a variety of ways. Conversely, if your partnership is doomed from the start, it won’t be long before your business is heading down the same...
Efficient ways to resolve complex commercial litigation
Abraham Lincoln’s advice to lawyers was “Discourage litigation. Persuade your neighbor to compromise wherever you can.” While litigation has its place, it is not always the best option. When you put your future in the hands of a court, there is always the chance they...
Keep an eye on the bigger picture to avoid business litigation
As a small business owner, you may be so involved in your company's day-to-day operations that you do not have time to take a step back and get an overview. The problem is that taking a step back is essential. Failing to do so increases the chance something happens...
Is a mechanic’s lien the only option if a client won’t pay?
One major question that clients may have when signing a contract is why there is a clause referring to mechanic’s liens. You may include information on a mechanic’s lien in your contract so that your clients know that you’re willing to use a lien if they do not pay...
Use and exclusive use clauses in commercial leases
You’ve been looking hard for the right commercial location for your business, and you’ve finally found the spot. Now, all you have to do is negotiate the contract for the lease with the landlord. This is when things can get tricky. Commercial leases can be vastly more...
What to put in your construction contract to protect your company
Owning or managing the construction business means that risk comes at you from every angle. You have liability if your employees get hurt on the job. You have liability if clients feel dissatisfied with your work, and you have the risk of people bringing frivolous...
Get to know your rights with a mechanic’s lien
You did a lot of work on a property for a client. They paid for the majority of the project up front, but your contract stipulated that they’d paid the remaining 25% upon completion. Once you were finished, you completed a walk-through viewing with your client. They...