Liens
Encumbrance or "cloud" placed upon the legal title to a piece of real estate
What is a lien?
Contract is $250,000
The 20th of the month
When are subcontractor billings due?
Latent Ambiguity
What is not readily apparent?
Used to clear lien notices
What is an unconditional waiver?
Indicator that a subcontractor is struggling financially
What is a high activity of intent to lien notices?
_____ ______ can be used to deviate from our bonding policy
What is a bond waiver?
The 1st business day of the month at 10am
When is Accounting Close?
Patent ambiguity
What is Readily apparent?
What does our contract say about owner funding?
Pay when Paid
Who should we notify about liens?
Project Accountant, Controller, and Division President
______ ________, ________ _________, __________, ___________, __________ approves bond waiver.
Who is Project Manager, Division President, Controller, COO, and CFO (in that order)
The third planet from the sun
What is Earth?
No work should take place when this exists
What is an ambiguity?
This is done when no waiver has been received for supplier notices
What is holding subcontractor payments?
How can we minimize lien notices?
Receiving prompt payment from owner
What can be used in lieu of a bond?
Joint Check Agreement or Increased Retainage
Within 7 days of receiving funding from the owner
When are we contractually obligated to release subcontractor funding?
Reading all contractual documents and trying to detect for any patent ambiguities
What is knowing your contract?
Negative feedback is just as valuable as _______ _________
What is positive feedback?
What causes an unmotivated subcontractor?
What are late payments?
Subcontractors can only enforace a claim against the _____ of a bond. No lawsuits may be filed against the owner or property.
What is the surety?
Sent out on the 15th business day of each month
What are supplier notices?
Two ways to resolve conflict
What is mediation and arbitration?
Ex: scope is complete, all change orders executed, closeout documents submitted and approved
What is needed for final payment?
Liens by SpawGlass will be filed or issued only upon instruction from these 3 people
Who is the Division President, Controller, and CFO?
What relieves the owner of all obligations to retain funds or to pay undisputed claims
What is a properly filed bond?
The third business day of the month at 5Pm
When are owner billings due?
When going through settlement of disputes we must remember to ____ _______
What is live teamwork?
Process when a subcontractor files for bankruptcy
What is notifying your controller and division president immediately and putting a hold on contract?