Tag: Law

Georgia’s two-step process for pre-lien notices and lien waivers can challenge even the most experienced credit professionals. Missing any key deadline can result in a complete loss of lien rights, regardless of the money owed on construction projects. For example, failing to serve a Notice to Contractor by day 30, even by mistake, can cost you tens of thousands.

In the high-stakes world of construction, securing timely payment is both critical and notoriously challenging for material suppliers, where delayed funds can jeopardize entire operations. To avoid these pitfalls, credit professionals can enforce their lien and bond rights on a project. 

Determining a customer’s creditworthiness is a key responsibility for credit professionals, but the process is complicated by the legal obligations of the Equal Credit Opportunity Act (ECOA) and Regulation B.

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.