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COATINGSPRO JULY 2016 15 furnishing labor and/or materials. If that preset time period is missed before you send out the notice, you may forfeit your right to lien a property in the event that you are not paid. Knowing your preliminary notice, lien, bond claim, and foreclosure deadlines are essential. You want to have as much leverage as possible on collecting the money you're due. Specifcally, a preliminary notice may be important in the following circumstances: • If the owner pays the general contractor (GC) and the GC may not pay you. • If the owner does not pay the GC, he or she may not have the ability to pay you. • The person who hires you claims that he or she is the owner but is actually the tenant. In the event that you are not paid, liening a property protects your equity interest in the property. Tat's why preliminary notices may be important for getting the money that you're due for the work that you performed. Te notice also lets your customer know that you are serious about getting paid on your terms, not their terms. Finally, it informs all parties involved (e.g., owner of the property, general contractor, subs up the chain, lenders, and bond compa- nies) at the beginning of the project that you are working on the project. Get the Cash Flowing In a recent case, a subcontractor was owed more than $600,000. Tis person had a direct contract with the GC, but because the subcontractor didn't send a timely preliminary notice, he/she had no lien rights. Sadly, the GC went bankrupt, which meant that the subcontractor no longer even had the option to sue on the contract. And because the subcontractor did not utilize the lien law in his/her favor, all $600,000 was lost. W hat that means is you should act early. Securing credits and collections with your clients is a crucial aspect to the success of your coatings contracting business. Make sure that your corpo- rate culture includes this approach for better results. CP A r i e l a Wa g n e r i s t h e f o u n d e r o f S u n R a y C o n s t r u c t i o n S o l u t i o n s , a n a t i o n a l p r e l i m i n a r y n o t i c e s e r v i c e . S h e a s s i s t s b i l l i o n - d o l l a r c o m p a n i e s i n d e v e l o p i n g p r o c e s s e s t o s e c u r e t h e i r l i e n a n d b o n d c l a i m r i g h t s . Wa g n e r a l s o d e v e l o p s e d u c a t i o n a l w e b i n a r s a n d s e m i n a r s . F o r m o r e i n f o r m a - t i o n , c o n t a c t : A r i e l a Wa g n e r, (9 5 4) 4 9 1-1 8 6 1 , A r i e l a @ s u n r a y n o t i c e . c o m Money Matters when the going gets tough... we get tougher. Foot traffc, vehicle traffc, heat, cold, the relentless effects of weather... With these kinds of forces stacked against you, it's essential to have a coating that can rise to the challenge - one that you can have confdence in to remain strong and effective no matter how hard you use or abuse it. Wearcoat ® foor coatings defne durability. Easy to apply, easy to clean, non-slip and incredibly tough, Wearcoat ® will give you the edge you need to get the job done - safely and effciently. Call us today or check us out on the web. Our expert staff is ready to help with any coating needs you have... COATINGS FOR INDUSTRY, INC. Call us today – 215-723-0919 Fax 215-723-0911 www.coatingsforindustry.com COAT SG SERIES ANTI-SLIP COATINGS Serving the concrete fooring, structural steel, transportation and aerospace industries for over 35 years. Wr i te in Re ad e r In q u ir y #1