NACM’s 114th Annual Credit Congress and Exposition
Conduit and “Pay When Paid” Clauses on Construction Projects
May 19, 2010
8:30 – 10 am
Rio Hotel – Las Vegas, NV
Construction material suppliers are now often asked to sign a “subcontract” or asked to sign a “purchase order” with many of the same terms found in a labor and material subcontract. It is getting more difficult to require customers on construction projects to sign standard credit agreements. This requires a new skill set.
What do all these terms mean? You are often bound to the terms of the general contract that you have never seen. Understand “Conduit” or “Pass Through” Provisions. What is the difference between a “Pay when Paid” and a “Pay if Paid” Clause? How will this affect the timing of payment or whether you get paid at all? You must know how to use Change Orders and Claims Procedures if you hope to protect yourself from delay and liquidated damage claims or receive additional compensation for delay, design defects or design changes on a project.
http://creditcongress.nacm.org/
Panelist for Executive Exchange Session: Building and Construction
May 17, 2010
2 – 5 pm
Rio Hotel – Las Vegas, NV
Mechanic’s Lien and Payment Bond Rights in Virginia, Maryland, Pennsylvania and D.C.
Landscape Contractors Association
April 20, 2010
10 am – 1 pm
National 4-H Center - Chevy Chase, MD
What is a Mechanic’s Lien? Why are Mechanic’s Lien security rights so important in the collection of Construction industry accounts?
This course will discuss pre-filing requirements before work is performed, notice requirements after work is complete and the enforcement of mechanic’s lien rights. When is work “complete” to establish your filing deadline? How can your company “track” mechanic’s lien rights to make sure you do not miss deadlines? How can you trace your materials to show that they were incorporated into the property and how can you allocate your materials between multiple properties. Remote Contractors must know which states have a “defense of payment,” requiring the owner or general contractor to pay for a project only once. Will your lien survive a bankruptcy or a sale of the property? The “priority” of your lien compared to other claimants or the construction lender can often determine whether you get paid. Finally, we will discuss common problems with Mechanic’s Lien waivers and how to avoid inadvertently signing away your security rights.
The payment bond session begins with an overview of the federal Miller Act, state Little Miller Acts and Private Bond terms. Learn how to verify the existence of a payment bond and the financial strength of the surety before you grant credit. Learn how to make an effective bond claim, while recognizing and avoiding pitfalls. What will motivate a surety company to promptly pay claims in full? How can you avoid frustrating delays?
NACM's Audio Teleconference Series
March 15, 2010
3 – 4 pm
Joint Check Agreements
There is no such thing as a "standard" joint check agreement. These documents vary widely in their wording and the protection they offer a material supplier on a construction project. A credit manager must be able to evaluate the security offered and suggest changes that will better protect company assets. The most common joint check agreements state only that a general contractor will write any check jointly. This only helps if a check is ever written and offers no protection if the customer defaults on the project. Some agreements provide no recourse against a general contractor and even contain a waiver of your lien and bond rights. What if the customer disappears, goes out of business or refuses to endorse a check? What if there is a disagreement about the amount owed the material supplier? Learn how to add solutions to these problems and provide actual security in a joint check agreement.
Event Details and Registration
2010 Construction Law Survival Seminars
9 am – 4 pm
Wednesday, February 10, 2010
United Rentals Headquarters - Charlotte, NC
Friday, February 5, 2010
Norfolk Marriott - Norfolk, VA
Thursday, January 21, 2010
Sheraton College Park - Beltsville, MD
Tuesday, January 19, 2010
Fair Lakes Hyatt - Fairfax, VA
Click here for more information
Click here for Registration Form
Tuesday, January 12, 2010
Holiday Inn East - Harrisburg, PA
8am to 12 noon
4 hour version on Reading Writing &
Revising Construction Contracts and
Credit Management for Contractors and Suppliers for $69
Retrieve Registration Form
