Everything You Should Know about Notices of Commencement and Their Role in Securing Your Lien Rights
A notice of commencement is a notice typically recorded by the owner of a construction project, in the county where the project is located, prior to materials or services being provided to the project. Download this resource to learn more about Notices of Commencement and their critical role in securing mechanic's lien & bond claim rights!
What's the Difference Between Consignment and Bailment?
For creditors, Consignment and Bailment transactions get a little fuzzy. In this infographic we'll compare Consignment and Bailment and offer some best practices for you when securing your receivables.
Broad Changes Ahead for Ontario’s Construction Act with Implementation of New Legislation
The review of Ontario’s Construction Lien Act (Act) began in February 2015 and in August 2016 the review committee presented its recommendations for improving the Act, which we've previously discussed.
The committee reviewed the Act for lienability, preservation & perfection of liens, holdbacks, legal procedure, construction trusts, prompt payment, adjudication, surety bonds etc.
In this article, we will review the broad changes being made to the Act, through Bill 142, as well as anticipated implementation dates.
What Is a Notice of Intent to Lien?
The first step in securing mechanic’s lien or bond claim rights is often the service of a statutory notice. The statutory notice, depending on the project state, may be called any number of names: Preliminary Notice, Prelien Notice, Notice to Owner, Notice of Furnishing, and the list goes on.
Once the preliminary notice is served, and payment has not been received, a Notice of Intent may be required. A Notice of Intent is a statutory notice, required in many states, to be served prior to filing a mechanic’s lien.
Check out this infographic for more information on the Notice of Intent to Lien.
You Need a Preliminary Notice Program, Not a Mechanic's Lien Program
You need a Preliminary Notice program, not a Mechanic's Lien program. Download this resource to learn more about how a Preliminary Notice program will improve your DSO, improve your cash flow & reduce your risk.
What is a Standby Letter of Credit?
A Standby Letter of Credit is a written guarantee, issued by a bank, to pay on behalf of their customer in the event their customer does not pay.
Review this infographic to learn more about Standby Letters of Credit and the role they may play in your business.
The Importance of Serving Preliminary Notices
In this NCS Extra Credit installment, Pete Pozzuto (Business Development Representative) discusses the importance of preliminary notices.
Should You Serve the Preliminary Notice Before or After You Begin Furnishing?
Some states require the preliminary notice be served BEFORE or AFTER you begin furnishing. Download this resource to learn which states require the notice be served before furnishing, after furnishing & as soon as possible.
Heard about the NCS OnDemand Webinar Series?
In this NCS Extra Credit installment, Pete Pozzuto (Business Development Representative) discusses the NCS OnDemand webinar series.