Pending Threat of Devastating Florida Lien Law Change

8/4/2016

Florida’s construction lien law works the way it should about 99% of the time, bringing projects to successful completion with payment to those who made them possible. It is one of the most well-thought-out and structured laws in the country that’s well balanced between the industry and consumers to preserve rights if certain steps are taken, while providing consumers with a proper payment defense. Suppliers, however, need to be aware that all of that could change.

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Transparency, Public Input Key to Successful P3 Projects

August 4, 2016

More transparency, disclosure and public input before public-private partnerships (P3s) proceed could save suppliers and others from costly delays.

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Construction Spending Continues Decline

August 1, 2016

Construction spending in the U.S. fell month-over-month by 0.6% in June to a seasonally adjusted rate of $1.13 trillion, with sharp declines in spending on public commercial projects and on manufacturing outlays.

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P3 Update: New Hampshire

July 29, 2016   

New Hampshire legislation, known as Senate Bill 549 and signed into law on June 16, will take effect August 15. It’s the first law in New Hampshire that authorizes the use of P3 projects for transportation and infrastructure, the National Council for Public-Private Partnerships said.

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Look for Boilerplate Language in Construction Terms, Conditions

July 29, 2016   

When accepting terms and conditions attached to a purchase order (PO), one size does not fit all. Indeed, many of the terms and conditions seen often by Sam Smith, regional finance manager with Crescent Electric Supply Co. of East Dubuque, IL, are boilerplate and don’t always apply to a company’s business.

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P3 Update: Louisiana

July 29, 2016   

The state government in Louisiana has joined dozens of other states of late in adopting new public-private partnership (P3) laws that target the transportation sector.

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Collaborate with Sales to Ensure Accurate Job Information for Liens/Bonds

July 21, 2016   

Collaborate with Sales to Ensure Accurate Job Information for Liens/Bonds

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P3 Legislation Considered in D.C.

July 21, 2016   

A proposed Washington, DC public-private partnership (P3) rule seeks to lay groundwork for procurement that includes requirements for bonds or other securities.

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NY Seeks to Clarify Retainage Statute

July 21, 2016   

A state-level proposal in the New York legislature has construction industry analysts—and should have subcontractors as well as their key suppliers—on watch.

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D.C. P3 Rules Would Require Payment Bonds or Other Securities

June 8, 2016   

A proposed Washington D.C.’s public-private partnership (P3) rule, set to be passed or rejected by the Council of the District of the Columbia in the coming months, lays the groundwork for procurement that includes a requirements for bonds or other securities.The P3 rule, submitted for a 30-day public comment period on May 31, would require that the private entity for each project “…maintain or cause to be maintained performance and payment bonds, letters of credit or other acceptable forms of security in compliance with title VII of the Procurement Practices Reform Act of 2010.” These procurement practices, in turn, require bid security for competitive proposals when the price is estimated to exceed $100,000. Payment bonds, according to the Reform Act, should be for 100% of the contract price that does not include the cost of operation, maintenance and finance. Further, the chief procurement officer can reduce the amount of performance and payment bonds to 50%.“DC ‘s new public-private partnership proposed rule hopefully being passed in the near future would be such a great benefit to credit professionals shipping on these types of projects,” says Connie Baker, CBA, director of operations for NACM’s Secured Transactions Services (STS). If passed, it will provide suppliers great assurance of collecting what is owed in the case of late payment or nonpayment.The council will likely vote on the proposed rule in sometime in September or October, according to Judah Gluckman, deputy director and counsel with the D.C. Office of Public-Private Partnerships (OP3).P3 agreements in D.C. would mandate risk mitigation plans and responsibilities for both the private entity and the government agency, terms regarding the planning, acquisition, financing, improvement and more, as well as any compensation and/or revenue structure of the private entity, including the extent to which the private entity may charge fees to individuals and entities for the use of the P3 facility, the proposed rule states.he private entity must also provide a schedule for an annual independent audit covering all aspects of the agreement and the financial condition of the private party, while funding sources that will fully fund the capital, operation, maintenance and other expenses must be identified under the P3 agreement.

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