Eliminate Delays With Lien Waiver Management Using Electronic Signatures
Contractors often use lien waiver management systems to quickly accept and reject uncollectible claims. There are three ways to do this: manual approval, automatic approval and rejections. Lien holders have the right to request an instant release from a lien holder when a contract is improperly executed or one is not paid. The system helps avoid expensive courtroom action and provides peace of mind for all parties. You can learn more about Construction Payment incentives at https://getbuilt.com/
Most contractors can make all necessary lien waiving for uncollectible accounts in a matter of minutes. Contractors use automatic acceptance and rejections to expedite the lien waiver process. Delicate requests are quickly denied. Accept and quickly send lien waiver requests via electronic mail, e-fax, electronic signature or notary public. Use state-specific or project-based templates.
Most property developers and builders need to submit general contractor forms electronically through their websites. Contractors may need to modify these forms to meet specific regulations, including specific language requirements, before they can submit them electronically. Contractors should submit a request to the property development company they work with and then follow up with them a few business days to make sure the waivers have been accepted and are being implemented. The forms can be accessed through the web properties of the provider. For additional information about these services, learn here.
In some cases, however, construction software tools are inadequate to manage the waiver process. In addition to failing to submit the correct forms, it is also difficult to track or manage the contracts electronically. Contractors should use the electronic tools provided by the provider to submit the forms and track the payments. The electronic tools require minimal customization. Owners of property that need to manage the payments through the waiver will find this convenient and effective.
It is important to keep in mind that even though electronic signatures have made the waiver process easier for most property developers and homeowners, it is still possible for some to inadvertently misspelled or forge the forms. This could result in penalties and legal actions against the property developers or homeowners. For this reason, property owners and managers should review the forms before submitting them. They should consult with their legal advisors before sending them to ensure the accuracy of the information submitted. With this type of assistance, the property developers and homeowners will be able to eliminate any unnecessary delays in the process and enjoy faster, more accurate cash flow and improved cash flow management. Check out this post that has expounded on the topic: https://en.wikipedia.org/wiki/Incentive.