By: Curtis Fort with Construction Credit & Finance Group, LLC. Review your credit application. Extending credit to customers can be very risky; however, a comprehensive credit application containing security language can mitigate that risk and allow you to file a UCC-1 to further secure your receivables. Educate your credit & sales teams throughout the year [...]
It was interesting to learn that of the 96,000 PPP loan forgiveness applications the SBA has received since August 10th, they have yet to actually approve any. It's no wonder that contractors have become frustrated by the long wait - but it appears they may finally be getting their long awaited answers. According to an [...]
There are a lot of unknowns in the world right now, so it was nice to have something familiar to look forward to. The Associated Builders and Contractors made the decision to still put on their annual event, one they know so many people look forward to every year. They put safety precautions in place, [...]
We live in interesting times, uncertain times, anxious times. It is difficult to predict what is going to happen to surety credit over the next few COVID-19 months (years?). It is likely, however, that sureties will rely on, more than ever, the general agreement of indemnity (GIA). As with any contract, it is far better [...]
What If The Contractor, Rather Than The Owner, Signs a Notice of Commencement? Is the Notice Defective And, Therefore, Ineffective? Lexology.com provided an in-depth answer to this very popular question. "Under Florida lien law, a Notice of Commencement is a form document the property owner is generally required to sign and record in the public [...]
What can you do to prepare for the potential hardening surety market?
Everyone wants to grow their construction business, we want to help you grow yours while avoiding the pitfalls associated with growing too fast.
• Still busy with work and need a bond? We are open and fully operational to help. Like construction, bonding is deemed an essential business and while taking everyone’s health and safety into consideration and staying in accordance with social distancing, we have taken the proper measures to stay open to serve you. • Your [...]
If your Florida construction business has been impacted by COVID19/coronavirus, you might be eligible for a disaster loan to provide liquidity for your business. Florida is providing a short term (<1 year), $50,000 bridge loan at https://floridadisasterloan.org, which is helpful if you need cash now. If you can afford to look at other options, I [...]
"After a 40-0 vote, Florida lawmakers have passed a bill that will limit the amount of retainage that can be withheld from contractor payments on state and local publicly funded projects to 5%. If Florida Gov. Ron DeSantis signs the legislation, the new law will go into effect Oct. 1, 2020. Currently, contractors working on [...]