GET IN ON THE ACT

Did you know that Kentucky passed a law in 2007 that changed the way construction projects are done in the state? That’s right. The Kentucky Fairness in Construction Act went into effect on June 26, 2007. This Act includes provisions that affect construction contracts, when payments are due and how retainage should be handled. Here’s a summary of these provisions.

LIEN MEAN FIGHTING MACHINE

In business, getting paid is the name of the game. If you are a business that provides materials or labor in the construction industry, there is a tool you should add to your toolbox--liens. There’s only one catch. The rules are different in each state. To get you started on the road to becoming a lien mean fighting machine in Kentucky, here’s some important information you need to know.

DO YOU QUALIFY?

Many owners of construction projects use a process to determine if a company has the qualifications to perform construction services. It’s called pre-qualification. Owners pre-qualify contractors, contractors pre-qualify subcontractors, and some subcontractors pre-qualify sub-subcontractors. Everybody is doing it. State and local governments are also playing the pre-qualification game. Take a look at how companies competing for construction opportunties are pre-qualified in Kentucky.