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Feb 01 2012
Protecting Lien Rights and the SCR (Utah State Construction Registry) Information for Subcontractors and Suppliers: The State Construction Registry (SCR) allows subcontractors and suppliers to protect lien rights. By filing a preliminary notice through the SCR system, subcontractors and suppliers alert property owners, banks, title companies and general contractors to their involvement in a project and expectation of payment. This helps those with the money to oversee that payments navigate down to the appropriate parties, especially when there are multiple levels of subcontractors. The SCR system also helps keep subcontractors and suppliers informed by providing automated email notifications when additional Preliminary Notices or Notices of Completion are filed on any of their projects. Automated notification of the Notice of Completion is important because it notifies subcontractors and suppliers that they have 90 days or less to file a lien if they haven't been paid. more... |
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Feb 01 2012
The Basics of Good Credit Decisions In today's economy it is more important than ever to make sure our T's crossed and I's dotted when establishing credit lines for accounts. The best place to begin is to make sure your company has a Credit Policy in place. A written policy can streamline various functions. It also assures a degree of consistency among departments. One of the most important portions of the policy is defining your department's mission. Other items might include your goals, your responsibilities, how credit is evaluated, and how collections will be handled. A credit policy should be designed to fit the needs of each individual company. It will also make sure all customers are treated fairly and help preserve customer goodwill. more... |
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Jan 01 2012
Education -The Foundation of Excellence A basic principle for a company to succeed and stay on top is "Productivity through employee excellence." This means that employees are aware that their best efforts are essential and they will share in the rewards of their company's success. You cannot share in your company's success if you do not take advantage of every learning opportunity. more... |
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Jan 01 2012
Unlicensed Contractors in the Construction Industry So now you are thinking you will file a mechanics' lien against the property. We all know mechanics' liens are a helpful tool but they aren't an absolute guarantee of payment. But the question is whether you can enforce a mechanics' lien if your customer is supposed to be licensed but isn't. more... |
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Jan 01 2012
Pay For It or Give It Back Part II An involuntary chapter 7 bankruptcy petition was filed against a Codale customer. This customer was aware of the chapter 7 but continued to purchase material as if nothing had changed; the charges amounted to the sum of $54,000. The chapter 7 did not require the list of creditors be filed immediately with the court. The list of creditors wasn't filed until approximately 45 days later when it was converted to a chapter 11 bankruptcy. more... |
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Dec 01 2011
Creative Credit Policies in an Economic Down Turn The construction industry, like many others, has been hit hard with the economic down turn. The bottom falling out of the construction industry has made us realize that our trade is not a necessity, but a luxury that most people can live without or put off indefinitely. We find ourselves asking different types of questions like "How can we" instead of "Who should we." more... |
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Dec 01 2011
Communication is Key to the Collection Process EFFECTIVE COLLECTION COMMNICATION With the economy still struggling, many companies are still trying to delay payment for as long as they possibly can. In addition, they probably owe a lot more creditors so making them care about one in particular tends to involve more than just a polite email, letter or fax. more... |
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Dec 01 2011
November Recap: Dealing with People without Punching their Lights Out. Kurt Weiland, President of Jefferson Smith Consulting and Training, shared several strategies for improving our interactions with difficult people at the November ICEL meeting. He started by suggesting that we must first understand ourselves before we can create better interactions. Kurt stated that we are responsible for our attitude as well as our reaction to difficult people and situations. No one can make us react angrily or make us have a bad attitude; those are choices that we make ourselves. more... |
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Dec 01 2011
How I Got Approved! Attendance at NACM's Credit Congress & Exposition made a HUGE impact on my career and performance as a credit manager. I'd like to share how I got approved. I hope it will help you. With the NACM Business Credit Magazine in hand, I wrote a memo to the V.P. of Finance stating the following: The who, what where & when of the conference What I intended to learn (session topics) How I would use the knowledge in my job (improve cash flow & reduce bad debt loss) Estimated costs: registration, air fare, hotel, meals, etc. more... |
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Nov 01 2011
The Power of Internal Customer Service Ron Tillotson said, "Organizations have more to fear from lack of quality internal customer service than from any level of external customer service." The level of internal customer service being practiced within a company has a direct and often profound effect on the quality of external customer service being provided. When employees are providing good internal company service, moral is boosted and productivity increases. Employees are engaged and they take pride in their organization and they pass that on to external customers. more... |
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Nov 01 2011
10 Must Have Attributes Improving Your Odds - Lessons Learned in Las Vegas Condensed from the Employment Security: Changing Perceptions presentation for NACM's Western Regional Credit Conference, October, 2011 presented by Susan Lujan, CCE more... |
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Nov 01 2011
Pay For It or Give It Back! You just found out that the customer you sold to last week is insolvent. Now what?!? Actually, there is something you can do. .Reclamation. It isn't a guarantee of payment but it does improve your chances. more... |
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Oct 01 2011
Traits of a Good Credit Manager - How Can I Improve? I've recently been trying to hire for some empty desks in my department. Faced with writing up job descriptions, I began to question the traits I am looking for in a good credit manager. more... |
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Oct 01 2011
NACM Names New Director NACM Business Credit Services is pleased to announce Duane A. Lee, CCE, Director of Credit, SOS Staffing Services, has accepted the position of Director on the NACM Board of Directors. more... |
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Oct 01 2011
Dealing With Dificult People My first job was at the Bank of Utah as a teller. I wanted the opportunity to advance so I started to take classes that were offered to the employees. One of the first classes was "Adventures in Attitudes." This was a customer service course that covered all aspects of dealing with difficult customers. more... |
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Oct 01 2011
The Importance of Cross Training WHO'S MANNING THE SHIP? We do our jobs day after day sometimes never thinking about what would happen if we were not there for an extended period of time. Who's going to post all those checks? Who's going to call on past dues? Who's going to answer all the calls that come in asking for accounts receivable, etc.? more... |
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Sep 01 2011
Summary of Changes to UT Mechanics' Lien Law The Utah State Mechanics' Lien Laws were changed significantly in the 2011 General Session of the Utah State Legislature. Many of these changes were pushed by the banking and title insurance industries and generally make it more difficult for a sub-contractor or a material supplier to enforce lien rights. more... |
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Sep 01 2011
August Recap: In The Trenches Nina Flurer, CCE, H&E Equipment Service LLC, was the concluding speaker. Nina stated that a substantial amount of her credit knowledge has come simply through experience. She learned by doing. Nina emphasized the importance of focusing on the 5 C's of credit. She stated, "A tiger doesn't change its stripes," and suggested that Character can be one of the most important of those 5 C's. Hard numbers don't always tell you the whole story, and it's important to get a feel for a customer's character. more... |
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Sep 01 2011
Check Fraud Avoided with Positive Pay What measures are you taking to protect your companies' assets? I just learned about a program that most banks offer to their customers called "positive pay." One of our collectors had an interesting phone call from a customer. The customer issued a check to us for $880.86 and mailed the check to our physical address. Somewhere between our two offices, someone intercepted the check and the check was washed. more... |
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Aug 01 2011
The Five C's of Credit for Today's Economy Any credit professional who has prepared to take a designation exam will tell you the importance of understanding the Five C's of Credit. The fundamentals associated with these principles are so important to the world of effective credit management that a test without reference to them would be sorely incomplete. As a result, anyone who has assisted in leading review discussions for those preparing to sit for the exam will emphasize the importance of knowing the five C's forwards and backwards. The Five C's of Credit include: character, capacity, capital, collateral, conditions. more... |
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