Credit Management Questions

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Hello, can you help me with the following topics? Credit sale policy definition and elements . The importance of credit policy. How do we create a credit policy. How do we evaluate the efficiency of credit policy....Read More
Anonymous Contractor
1 answerAdd commentApr 23, 2020
AlabamaConstruction AccountingCredit Management
I live in a lot line construction community. My neighbor has built planters against the wall of my home with dirt and drip irrigation above my floor line. This can cause mold, termite and foundation damage to my home. My neighbor agreed it was a problem but when he got the invoice to do the work he now refuses and won’t talk to me about it. Our homeowners association. Won’t help even though the neighbor is breaking the CC&Rs. What do I do?...Read More
Anonymous Contractor
Waiting for answerAdd commentNov 14, 2022
ArizonaCredit Management
We still have not been paid on this job. Finished over a year ago. Looking for advice/action...Read More
Anonymous Sub-Subcontractor
3 answersAdd commentDec 29, 2020
GeorgiaCash FlowCollectionsCredit ManagementPayment Disputes
Is 60% up front, 40% at finish seem reasonable for a complete kitchen remodel for material and install ...Read More
Anonymous Contractor
1 answerAdd commentJul 11, 2020
South CarolinaCash FlowConstruction ContractCredit Management
I am a home owner with extra land and want to build ADU’s. I need to get a construction loan. I need to know about starting a single person LLC better before or after trying to get approved for the loan. ...Read More
Anonymous Contractor
Waiting for answerAdd commentFeb 23, 2022
CaliforniaCash FlowConstruction AccountingConstruction ContractCredit ManagementFactoringPay When Paid
I am needing some guidance on filing a lien. Is that something you can possibly help me with? I am in between a rock and hard place it seems. Quick break down is: I was hired by a GC as a sub contractor on a single family home in KC MO. She verbally and over fb messenger gave me the scope and price and I agreed to it. She then changed the scope a bit later on. Then she changed it again but also changed the price and upped it by 5K. This GC has a horrible paying history and she is always late with getting you supplies. We discussed payment terms of net 10, and that i would invoice as work was completed. I did just that and sent her a 6k invoice and stated that there would be a 2% interest charge per day on all unpaid balances. She ended up paying 19 days late and only paid 1K out of the 6K. She stated that is what the company that hired her for this project is paying for those items. I advised that I dont care what they are paying you, we are working with you, not them. Plus they dont decide how much my company charges for work that is done. Well it was then decided that we would not be finishing out this job, that she can bring someone else in. We can not continue to work if she is not going to pay us what she owes. I then advised that she would be recieving more invoices for the work that was done after that last invoice and an invoice for interest. She flat out said she is not paying any more. I advised I would lien the project. So i got a hold of the parent company that hired her to do the work and advised about the lien. Well they told me that she signed a full release lien waiver and I have no ground to stand on, plus some other stuff just trying to be a bully. Now I never signed any wavier for the liening process.. in fact i never signed her contract she sent me because i told her we had to discuss the scope. She was adding on 3x more stuff for the same price. So since she signed that release what are my options? Also isnt there a particular form for residential that you have to sign and if you dont then its voided? I appreciate any help on this. ...Read More
Anonymous Contractor
Waiting for answerAdd commentJan 26, 2022
MissouriBond ClaimsCash FlowCollectionsConstruction ContractCredit ManagementLawsuitLien DeadlinesLien on FundsLien ReleasesLien WaiversPay When Paid
We purchase some furniture my exboyfriend and I and we agreed to pay for this furniture together. He is refusing to pay or refusing to give me the furniture. This furniture is on my credit card. ...Read More
Anonymous Contractor
Waiting for answerAdd commentJun 25, 2021
IowaCredit Management
I’m building a house for my mother’s boyfriend. He is his own contractor. But I have overlooked the entire project. We have come down to putting the roof on the house and with the prices I quoted in April 2020 and where the lumber prices are now has caused a huge increase in cost. The man who hired me does not expect To pay the difference and wants me to finish the house, but I refuse to keep going when in the end it’s going to cost me. We used the money for labor to buy lumber and it’s crazy the difference from what I quoted. He says I’m coming up with excuses but I’m only telling the truth. I can not help a piece of blandex went from what I quoted at $10.99 a sheet to almost $50 a sheet. He wants to know where the moneys going but I’ve told Him several times the cost of this is making us spend it faster and you will need more money. If I keep charging on my Charge accounts like I have been in never going to catch up to pay it off. I even used the money that I was suppose to profit to help them buy lumber to keep the project going. He has wrote me checks throughout the house. And I have been the one picking up material, delivering it, and doing the work. I’ve built a 62’ 6”x30’ shop with 16’ walls and a 62’ 6”x30’ house attached to the side by myself up to the point now I’m building the trusses and about ready to order I joist. But I am not going to keep on building this house if In the end he is eventually going to run out of money. I quoted $277,000 for the whole project. He had $209,000 to do it with. We have cut back on things but at the same time have been cursed with record high lumber prices and everything going up due to the pandemic and shortages. I’ve helped and saved money in a lot of places. And when I say I built this house by myself I mean I did everything. Laid the house out, dug the footing, tied the steel, set the laminated columns for pole barn shop on side of house then went back and dug a footing all the way around so it is considered a house and not a pole barn. Got my bricklayer to lay block, I filled the slab, tamped it, done the plumbing, got the slab ready for concrete poured both the shop and house slabs. And have framed it all the way up to where I’m building the trusses then can set them then set my porch rafters and house rafters and have it ready and get my roofer to come in and install roof while I install siding and fascia metal and soffit trim. I do everything Besides the block/brick, sheetrock (because it’s so much for one man), and roof due to high cost for insurance. And also keep in mind it’s for my Mother. . Today I have decided To walk away due to him not grasping The fact that we have to have more money to finish. It’s only so much downgrading material we can do or I’ll allow myself to do. He has threatened to shoot me and knock my Teeth down my throat (his exact Words) and called me a punk ass kid. I’ve been doing this since 17 and I’m 28 now. I’m very in depth and detailed and have a very good understanding of every aspect of the house. The man I worked for was his own GC and I was his right hand man. I can literally do everything there is to do. I just put myself where I’m best suited and where the money makes sense. I have all the receipts, invoices, documents, and copies of checks I’ve wrote to subs. I’ve also on my Computer created very detailed itemized invoices through the process upon his request. I guess he thinks I’m Gonna spend and run. But I have no intention to do that lord I have better morals then that and I don’t mind working. I’ve taken hundreds of pictures throughout. And even Have set up a time lapse Camera the majority of the project. But right now he owes me In all for the material and labor that was extra due to the increase in material and increase in my Labor along with other subs. It’s more then I usually ever let anyone get On my Accounts because I’ve been burned before on a couple thousand but we are talking about a $25,000.00 increase on the cost of a combined material and labor. On what’s been Done and I want my not all but the fair amount of what’s completed on Framing paid on labor. So id say I’ve got 85% done all I have to do is set trusses and rafters then blandex and the house side and run out lads on shop and get metal roof on. And i want the $8,600 I’ve paid for window and doors along with the $7,400 and some Change I have paid for on the shops concrete slab and partial labor. The shop slab was 33 yards of fiber along With machine rental and my labor and the individual subs I’ve hired and Paid to help when I absolutely needed it. I know this is a lot but I wanted to make sure I gave a good general idea what my situation is. Please all advice would help. I just want to get what’s mine and pay my suppliers with his money for his house not My money for his House. ...Read More
Anonymous Contractor
Waiting for answerAdd commentJun 24, 2021
TennesseeCredit Management
what is the best advantage to work with is it sales department or credit department?...Read More
Anonymous Contractor
Waiting for answerAdd commentSep 11, 2020
HawaiiCredit Management
I am a sub-contractor working for a General contractor on a puplic project. They have not paid us for several verbal change orders they gave us and supervised the work. We filed a lien against them and notified the University of Ga. Can I get paid....Read More
Anonymous Subcontractor
2 answersAdd commentDec 23, 2020
GeorgiaBond ClaimsCash FlowChange OrdersCollectionsCredit ManagementPayment Bond
I just received a release of Mechanics lien bond from the Contractor. Can someone advise what this means?...Read More
Anonymous Subcontractor
1 answerAdd commentDec 18, 2020
GeorgiaBond ClaimsBonding Off LienCollectionsCredit ManagementLien Deadlines
I hired a contractor to do a plumbing project, gave him 50% deposit, a little over four grand. Contractor spent less than one day on site, did the rough in and then quit the job. Will not return my the remainder of my retainer. What is the best way for me to a) obtain accounting for the work that was done, and b) Force this contractor to return the balance of the retainer?...Read More
Anonymous Contractor
Waiting for answerAdd commentNov 15, 2020
MontanaCredit Management
I work for a flooring distributor that is a preferred supplier for nationwide property management companies. The projects are typically renovation work that can take 2-3 years to complete, and come in on a per unit basis from a contractor. We've had some trouble with the contractors paying on invoices claim they haven't been paid by the property management. Is there a blanket contract/prelim we could send when we're notified of a new renovation starting at a property/apartment complex?...Read More
Anonymous Material Supplier
1 answerAdd commentSep 14, 2020
CaliforniaCollectionsCredit ManagementPreliminary Notice
I have a contract on the Job. He owes me $3,900.00 . I have before and after photos of the work done and it was done right. The house has water damage causing the 40yr old popcorn ceiling to crack (8 inch crack). The painting of the ceiling caused the crack to expand 3-4 inches wider . Home owner trying to blame me for his ceiling crack. Fixing this crack was not in the contract. Owner also complaining about a rust spot coming through the new paint. (a 5 min. fix) His Emails indicate that he does not plan on paying me in full or possibly not at all. I imagine he will try to talk me into accepting way less than he owes me. Can I accept partial payment and then go after him w a lean for the rest? I he makes me sign something to let him off the full payment can I sue for blackmail? If I don't accept what his offer is I may not ever get anything out of him if he diappears into australia. Thank You for your time! Bob Blair...Read More
Anonymous General Contractor
1 answerAdd commentJul 2, 2020
ColoradoCash FlowCollectionsCredit ManagementLien DeadlinesMechanics LienNotice of Intent to Lien
I own a garage door install company in Georgia and did a work for a construction company. the work is done and they ask me to fill up "interim waiver and release upon payment" Should i fill before receiving payment? Why they ask for it before the payed the invoices? ...Read More
Anonymous Contractor
2 answersAdd commentJun 29, 2020
GeorgiaCollectionsConstruction ContractCredit ManagementLien DeadlinesLien Waivers