Payment bonds ensure that everyone on the project gets paid. Learn how they work and how you can make sure you get paid what you’ve earned.
Video guide to making a payment bond claim: • How to Make a Payment ...
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-What is a payment bond?
Every state has what’s referred to as a “Little Miller Act.” These are a set of laws that require the GC to post a payment bond on most state or local government public works projects. A payment bond protects the entire payment chain by guaranteeing that everyone gets paid what they’ve earned.
If a payment issue does arise, filing a Mechanics Lien won’t be an option. That’s because a payment bond essentially acts as a wall of money protecting the property from any mechanics lien claims. Instead, if you’re seeking to recover payment, you should make a claim against the payment bond, as opposed to the property itself.
Levelset’s mission is to empower contractors to always get what they earn. Levelset’s products help millions in the construction industry each year to make payment paperwork and compliance easier, get cash faster, monitor the risk on jobs and contractors, and better understand payment processes and rules. The results are faster payments, access to capital, and fewer surprises. Backed by investors like Horizons Ventures, S3 Ventures, Altos Ventures, Operating Venture Capital, and Brick & Mortar Ventures, Levelset is headquartered in New Orleans, Louisiana, with offices in Austin, Texas, and Cairo, Egypt, and is over 200 employees strong. Learn more at www.levelset.com.
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19 апр 2020
