Construction Archive

For credit managers working in construction, being proactive when it comes to fraud can be hard. With so many different schemes orchestrated to swindle your company out of materials or money, it can be a real nightmare for credit managers to know what to look out for, especially as fraudsters adapt.

In the construction world, a mechanic’s lien is a vital legal instrument protecting laborers and suppliers. Without it, contractors and subcontractors lose legal protection, resulting in significant losses. Several factors influence lien rights. However, can other contracts or agreements, such as a non-disclosure agreement, override your right to file a notice or initiate legal proceedings?

A federal judge in Kentucky partially blocked the Disadvantaged Business Enterprise program, a decades-old Department of Transportation program that aims to grant women- and minority-owned businesses equal footing when bidding on government contracts. In 1983, Congress enacted the Disadvantaged Business Enterprise (DBE) program to help businesses owned by socially and economically disadvantaged individuals compete for federal contracts. Under the provision, at least 10% of funds for highway and transit federal assistance programs must go towards contracting DBEs. The preliminary injun…

Hurricane Helene, a Category 4 storm that tore through the Southeast of the United States last week, has left more than 160 people dead and is estimated to cost the country as much as $34 billion, according to Moody’s Analytics.

Louisiana Governor Jeff Landry signed into effect two new laws reshaping payment protocol during construction projects and expanding on defenses afforded to sureties. The two laws grant sureties a new defense against nonpayment claims previously reserved for general contractors and detail a timeline for material suppliers sending notices for missed payments. 

NACM’s Secured Transaction Services (STS) provides and prepares construction credit professionals with several tools for success. STS handles projects and assists credit professionals in securing corporate receivables to ensure profitability.

In the construction industry, various factors can make unfinished projects unavoidable. In recent months, the number of abandoned construction projects has increased due to higher insurance and interest rates, rising material costs, delayed shipments, labor shortages and adverse weather conditions.

Artificial Intelligence (AI) is transforming the construction industry by revolutionizing how projects are designed, managed and executed. Through advanced machine learning, data analytics and automation, AI enhances efficiency, reduces costs and improves safety on job sites.