Whether it is risk of late payment, nonpayment, double payment, or risks associated with slim margins and floating project costs, managing and avoiding financial risk is the cornerstone of every construction business.

Today, the increase in regulations and statutes that govern labor rights, uniform contract documents, federal or state bonding requirements, lien laws and lien law reforms, prompt payment laws, retainage requirements, construction trust fund rules, pre-work lien waivers, etc., continues to add layers of complexity to an already difficult and convoluted payment chain.

Whether it is risk of late payment, nonpayment, double payment, or risks associated with slim margins and floating project costs, managing and avoiding financial risk is the cornerstone of every construction business. Finding a solution that results in stress-free payment, positive outcomes, and happy customers is the construction payment utopia.

This article will explore a better way to manage the growing complexity of construction payments and help facilitate better results for everyone on the job, including simple tips and next steps on how to implement this method.