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  • This is a first, remove right to lien !

    xxxxxxxxxxxxxxxxx
    Last edited by toolaholic; 01-25-2009, 10:11 PM.
    I can build anything You want , if you draw a picture of it , on the back of a big enough check .

  • #2
    Re: This is a first, remove right to lien !

    tool the 10% retention was very common on our jobs. it was basically a holdback for the builder to guarantee service issues for the year. it was also a way they could float all the subs money.

    of course these were large scale new construction jobs and 10% was in the 100k+ range

    rick.
    phoebe it is

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    • #3
      Re: This is a first, remove right to lien !

      Somebody desperate for money will grab that job.


      Feel sorry for them because 10% is a good sized sum, and the guy is building his own discounted work.


      Very easy to nitpick just about anything even when it's well done.


      Those jobs aren't even worth bidding, but I guess you have to know first in finding out the particulars.
      Northern Kentucky Plumbers Twitter Feed | Plumbing Videos

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      • #4
        Re: This is a first, remove right to lien !

        A 10% retention is standard and by law you cannot sign away your lien rights even if it is included in your contract.

        Mark
        "Somewhere a Village is Missing Twelve Idiots!" - Casey Anthony

        I never lost a cent on the jobs I didn't get!

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        • #5
          Re: This is a first, remove right to lien !

          Originally posted by ToUtahNow View Post
          A 10% retention is standard and by law you cannot sign away your lien rights even if it is included in your contract.

          Mark
          Yeah, but the fact that the customer even tried to get the lien rights waived shows what type of person they are. RED FLAG. I don't work for those types.
          Water Heater Reviews & Water Heater Information

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          • #6
            Re: This is a first, remove right to lien !

            Originally posted by Service Guy View Post
            Yeah, but the fact that the customer even tried to get the lien rights waived shows what type of person they are. RED FLAG. I don't work for those types.
            You're smart!
            Teach your kids about taxes..........eat 30 percent of their ice cream.

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            • #7
              Re: This is a first, remove right to lien !

              Originally posted by ToUtahNow View Post
              A 10% retention is standard and by law you cannot sign away your lien rights even if it is included in your contract.

              Mark

              I have to say Mark's answer is correct

              Originally posted by Service Guy View Post
              Yeah, but the fact that the customer even tried to get the lien rights waived shows what type of person they are. RED FLAG. I don't work for those types.
              This Man also knows the business well

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              • #8
                Re: This is a first, remove right to lien !

                I believe that I would steer clear of that job or contractor in general.

                or

                Try to negotiate the contract for cash payments at the end of every week with 100% of the money for materials up front. In other words offer them something that is as far in left field as what they offered you. They will back up rather quickly and tell you how crazy that is.

                Like someones signature says "I never lost a penny on a job I did not take".

                G3

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                • #9
                  Re: This is a first, remove right to lien !

                  I love Mark's saying and I am now starting to use that as my #1 rule

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                  • #10
                    Re: This is a first, remove right to lien !

                    xxxxxxxxxxxxxxx
                    Last edited by toolaholic; 01-25-2009, 10:12 PM.
                    I can build anything You want , if you draw a picture of it , on the back of a big enough check .

                    Comment


                    • #11
                      Re: This is a first, remove right to lien !

                      Holding 10% for a year is pretty standard around here. What you have to watch for is wording to the effect that if a claim is made the year starts all over. If you have a guarantee claim on the 364th day of your year and send someone out to fix it, even if it only takes a couple hours, your year of holding 10% starts again.

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