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  2. Subcontractor - Wikipedia

    en.wikipedia.org/wiki/Subcontractor

    Subcontractor agrees that all progress payments and final payment to Subcontractor are contingent upon and subject to Owner's acceptance of Subcontractor's work and upon contractor's receipt of payment from Owner. Subcontractor agrees to accept the risk of non-payment if Contractor is not paid progress payments and/or final payment from Owner ...

  3. Retainage - Wikipedia

    en.wikipedia.org/wiki/Retainage

    The owner is to pay retainage to the contractor when substantial completion has occurred, however, in this abusive, over-withholding scenario, the contractor will already have been paid a portion of the subcontractors' funds, meaning that the contractor will have to fund the balance of the payment from its own cash flow.

  4. Performance-based contracting - Wikipedia

    en.wikipedia.org/wiki/Performance-based_contracting

    Performance-based contracting (PBC) or results-based contracting, is a procurement strategy used to achieve measurable supplier performance. A PBC approach focuses on developing strategic performance metrics and directly relating contracting payment to performance against these metrics.

  5. 20 of the hottest proptech startups in 2024, according to ...

    www.aol.com/news/20-hottest-proptech-startups...

    What it does: Large general contractors use Constrafor's software to onboard and pay their subcontractors on time — sometimes before the contractors themselves get paid by the clients ...

  6. Mechanic's lien - Wikipedia

    en.wikipedia.org/wiki/Mechanic's_lien

    A lien release, also known as a release of lien or a cancellation of lien, is a document that may be voluntarily provided by a lien claimant, such as a subcontractor, in exchange for payment or a promise of payment from a general contractor or a property owner. Negotiations may be tricky, as lien claimants generally want to be paid before they ...

  7. Miller Act - Wikipedia

    en.wikipedia.org/wiki/Miller_Act

    Construction of the Pentagon, 1942.. The Miller Act (ch. 642, Sec. 1-3, 49 stat. 793,794, codified as amended in Title 40 of the United States Code) [1] requires prime contractors on some government construction contracts to post bonds guaranteeing both the performance of their contractual duties and the payment of their subcontractors and material suppliers.

  8. Justice Department argues Trump should be able to accept ...

    www.aol.com/news/2017-06-10-justice-department...

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  9. Preliminary Notice - Wikipedia

    en.wikipedia.org/wiki/Preliminary_Notice

    In Mechanics lien law a Preliminary Notice (also known as a Notice to Owner, Materialmens Notice to Owner, Notice of Furnishing, Contractor/Subcontractors Notice to Owner, and others) is a notice sent by the general contractor, subcontractor, materialmen, equipment lessors or other parties to a construction project not to create a Mechanics lien but rather to establish the right to file a ...

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