HVACR Business

SEP 2017

Help hvacr contractors master the critical components of business management.

Issue link: http://digital.hvacrbusiness.com/i/870839

Contents of this Issue


Page 5 of 31

6 HVACR BUSINESS SEPTEMBER 2017 www. hvacrbusiness .com Beware of Sub-Contracted Commercial Work A ll year I've written about ways to protect your hard-earned money from different forms of the. Occasionally, you'll run into legal ways of someone taking your money. is month's example is not tech- nically the; in fact, it's actually allowed by the United States bankruptcy laws. Be careful when performing commer- cial work. Even if bonded, if the general contractor goes out of business, it can take months or years to get paid. Here is the story of one contractor: e HVACR contractor was installing heating and air conditioning equipment for a new building. e general contractor (GC), who was their customer, was known in the area. For the HVACR contractor, it was a large, yearlong job where they had al- located sufficient field labor and materials to complete each phase of the project on time. Per the contract, the HVACR contrac- tor received payments monthly for work that was done the previous month. At the job start, payments were received on time and they met the time deadlines for the completed phases. As the job progressed, the payments from the GC got later and later, however, the HVACR contractor was still paid. e HVACR contractor owner made the de- cision to stop work if payments were not received. is was a difficult decision, but he stuck with it. As a result, they worked on this project only when checks were received and the project started falling be- hind the expected completion date. Rumors were flying that the GC was in trouble. e HVACR contractor was per- sistent about collections and still got paid, however, later than they were supposed to. So, the HVACR contractor continued work on the project. One day, the HVACR contractor re- ceived a bankruptcy notice in the mail. e GC filed bankruptcy. Work on the project stopped. He was owed only a small amount of money for work done the pre- vious month. e field labor had enough work to do, so that it didn't severely impact the company's cash flow and profitability. BY RUTH KING FINANCE Bankruptcy court has the right to request return of payments made to vendors for up to 90 days prior to the bankruptcy filing. RACK 'N ROLL © Adrian Steel Company 2016, all rights reserved. Adrian Steel Company is an independent equipment manufacturer, prices may vary. Please visit AdrianSteel.com to contact your local distributor for further details. AdrianSteel.com DROP DOWN LADDER RACK Exclusive twist-to-adjust feature Fit the rack to your ladder in mere seconds with innovative adjustment knobs. Easy reach handles and two-stage drop down Easily load and unload ladders with the most ergonomic load height of any ladder rack available. Anyone 5'4" and taller can operate! Corrosion resistant design The natural aluminum finish and sealed steel drive shaft protects your ladder rack from the elements and reduces corrosion, all while lightening your load with a rack that's 15% lighter than traditional steel racks. GRIP LOCK LADDER RACK Exclusive tilt angle Anyone 5'7" or taller can easily load and unload ladders. Secure clamping mechanism Save time and gain peace of mind by quickly clamping your ladder into place. Eliminate the uncertainty of strapping your ladders down. Corrosion resistant design The natural aluminum finish protects your ladder rack from the elements and reduces corrosion, all while lightening your load with a rack that's 15% lighter than traditional steel racks. FINALLY, A LADDER RACK DESIGNED AROUND YOU. LEARN MORE AT ADRIANSTEEL.COM/LADDER-RACKS

Articles in this issue

Links on this page

Archives of this issue

view archives of HVACR Business - SEP 2017