Every construction company should have its accounts receivables officer in regular and early communication with legal counsel in order to identify delinquent accounts and initiate the process for collection. The accounts receivables officer and the attorney can work together to obtain the relevant information, send the necessary notices, and file appropriate lien documents within the deadlines required by law, thus properly effectuating the lien on the property. Managing the accounts receivable is extremely crucial for your construction and service business.
Contractors, subcontractors, laborers, and suppliers can secure payment for improvements to privately owned real property. In many states, the most common option is a mechanic's lien. Mechanic's liens provide protection and ensure payment to a person or entity that provides labor, services, goods, or materials for the improvement of real property. Mechanic's liens are governed by state statutes that prescribe specific procedures to create, perfect, enforce, and discharge mechanic's liens. Failure to strictly follow the statutory procedures and timelines can result in forfeiture of your mechanic lien rights.
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