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#14198 - 09/16/02 02:55 PM Getting Paid, Contractors S$#&
tsolanto Offline
Member

Registered: 09/03/02
Posts: 131
Loc: Long Island NY
I am having trouble getting paid from one contractor in particular. I bend over backwards for this guy but he is only able or willing, i'm not sure which, to give me crumbs... It seems that he strings me along with just enough money to barely survive. to date he owes me $30,000 some of these bills are from June. I know he is having trouble getting paid from recent projects but how far do I go before I drop him. Alot of his workers think he is going bankrupt.

How do you guys structure payments and are you flexible if the contractor is late. Do you hold back inspection certificates untill final payment. Any help would be appreciated

Tom

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#14199 - 09/16/02 03:06 PM Re: Getting Paid, Contractors S$#&
sparky Offline
Member

Registered: 10/18/00
Posts: 5545
1st,
provide the standard net 15 days,1 1/2% per month, 18% annum on all bill heads .

if you operate contractually, you can assume whatever criterior you wish to pen for drafts, and/or add this ontop of completion/draft dates, or as you've suggested simply hold back finals.

the thing with finals is some projects may never really get done.....or get done by someone else...

this is what the headhunters all tell me, basically hope for the best, fix for the worst......

@ 30K i would ask for whatever collateral he has to put up, same as a bank!

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#14200 - 09/16/02 03:11 PM Re: Getting Paid, Contractors S$#&
tsolanto Offline
Member

Registered: 09/03/02
Posts: 131
Loc: Long Island NY
sparky if I ask him to put up collateral he will tell me to pound sand. This guy is pond scum

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#14201 - 09/16/02 06:02 PM Re: Getting Paid, Contractors S$#&
Electric Eagle Offline
Member

Registered: 04/20/02
Posts: 928
Loc: Alpharetta, GA
You need to have a heart to heart with this guy ASAP!!

$30,000 isn't exactly chump change. You need to go ahead and file liens on every project involved and only remove them as the invoices are paid. I would tell him you really don't want to, but you're very concerned that the money won't get paid and your lien rights will expire. He will either cough up some cash or tell you you're fired. If he fires you, he's probably doing you a favor. In that case hire an attorney that speciallizes in construction law to take care of the liens and notices to the project owners and lenders. You will get paid, unless that projects have already closed.

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#14202 - 09/16/02 06:38 PM Re: Getting Paid, Contractors S$#&
HotLine1 Offline

Member

Registered: 04/03/02
Posts: 6805
Loc: Brick, NJ USA
Tsolanto:
Take the advice of electric eagle!
If you belong to an Association, contact the assoc. lawyer NOW
Don't wait... if the projects are "closed" you may be to late.
Get the liens filed, talk to a lawyer.
I had a commercial GC that I worked with for ten years, he paid his bills for 9 1/2 years very promptly. Well, that last six months was HELL. He went belly-up, and I got hosed for 19.5K. After 2 years, his estate paid $3400.00 as it was all that was left.
We live, we learn....
Payment schedules must be adheared to, if not, we walk... The tough one is the last,
NJ Law states "Do not pay "final" payment to Contractor until final inspection and approvals".

Good luck!
John
_________________________
John

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