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A Contractor Check Can Save You From Getting Ripped Off

A Contractor Check Can Save You From Getting Ripped Off
Admin - Tue Mar 27, 2012 @ 04:09PM
Comments: 19

In today's world a lot of businesses are having a hard time making enough revenue to float, and things get worse when the revenue you do earn turns into delinquent accounts. In the end, if a business has enough cash, it is going to survive until the cash runs out. In fact, even a bad business with cash will live longer than a good business with no cash. The point, to cite the old cliche, is cash is king. So, if you are a contractor, subcontractor, or vendor, a contractor check to see if the person you are doing business with will be able to pay you is invaluable. Always make sure you check someone's credit status before you provide them with any labor or materials. At worst, try to get at least half your money down before you do anything, and if that fails, try to get paid the value of your materials once you can provide proof you have ordered them.

A contractor check can involve a bunch of things, like looking at financial statements, contacting the Better Business Bureau or chamber, the Registrar in your state, looking at litigation files, and even asking for references. Then once you've done your due diligence figuring out your risk in taking a job, you can negotiate terms that help offset the contractor's bad financial position. You can do things, like mentioned above, like demand money down, as much as all of it, depending on circumstances, ask for immediate payment for the value of any procured materials, or even put in your contract a provision saying you can stop work if you aren't paid the full balance of any past due amounts by the end of every month during the course of your project. Think of creative solutions and don't be shy. You have a lot of bargaining power if your Contractor has a cash crunch, needs you to perform work, and he knows you know he is in a bind.

Comments: 19


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