Minimize Surprises With Your Cash Flow
Back in the 70’s and early 80’s a Builder or Construction Lien all but guaranteed that you would get blackballed in the local market. Today’s construction market conditions are quite different. Developers and Project Managers are taking all necessary precautions to protect themselves from risk and so should you. In fact, many suppliers and sub-trades are embedding language in their credit applications and customer contracts that specifically state that a lien will be filed in the event of delinquency.
LIENS ARE BECOMING STANDARD OPERATING PROCEDURE
Make no mistake – liens are a collection tool, not a credit granting tool. Upfront due diligence of the proposed project is the best way to decide if a potential bid is within your tolerance for risk. Liens only help once your cash flow is already in trouble whereas a Construction Credit Report may provide some advanced warning of how a Developer, Engineering firm, or General Contractor typically manages its sub-trades and pays its bills.
A Construction Credit Report should provide you with the following data:
- Construction Credit Reports providing credit ratings, in-depth analysis, supplier payment trends, legal and business data
- Freshly investigated bank & trade ratings with historical references for comparative analysis
- Legal Name Verification and Business registration details on all reports
- Principals & Directors verified & linked to related businesses
- Affiliated companies reported
SOMETIMES THE BEST DEAL IS NO DEAL
Before you formalize your bid on a project, we recommend contacting our office to obtain a full Construction Credit Report which contains lien data for Alberta, Saskatchewan, Manitoba, Ontario and Quebec, as well as project credit reports, bank reports and business ownership cross-matching.
Many Lien-Pro® customers have commented that the cost to obtain a Construction Credit Report was “cheap insurance” when compared to entering into a contract with a high credit risk customer.
Contact us today for a quotation and sleep better