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Second Quarter 2006

Notary Verbiage Change

Well, the verbiage hasn't changed but something else in the code has... And a big thank you to Megan of Bogart Construction Inc. in Irvine California for bringing this to our attention!

It used to be acceptable for the verbiage on a Certificate of Notary to be "substantially similar" to the language used in the code but it's not okay anymore...

Now the wording on a Certificate of Notary is required to follow verbatim the text in the code.

I have several forms I need to change this on but because I want to get the correct text out to everyone as quick as possible I made a stand-alone Certificate of Notary form that can be used with any document.

If you've purchased any of my forms that have provision for notary please send an email to diane@thecontractorsgroup.com telling me whether you need Word or pdf and if it's for Windows or Mac and I'll send you the stand-alone Certificate of Notary document at no charge.

Then once I get the individual forms updated I'll announce their availability. :)
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Keeping Track of Inventory

Lee from USshipsupply.com contacted us asking for suggestions on products to help with inventory. We figured who better to ask than our readers! :)

Here's the question:

We are a construction services company in rapid expansion. We have materials and equipment which must be provided for each project. We have a warehouse where the more common items are purchased, held and "pulled", and shipped according to timing and needs. We also have materials and equipment which are returned following completion of a given project. The management of this is becoming more and more difficult for lack of a coordinated and disciplined system. We are looking for the most easy to implement system we can find that will integrate with QuickBooks. Have you any suggestions for set-up and management? Thanking you for your time and consideration.

So how about it my wonderful readers? Tell us what system you use and what you love and hate about that system. I'll send the info to Lee as well as publish it in a future issue of this newsletter. :)

Thank you very much! :)
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Factor Your Receivables

It's nice to be able to look at your receivables and add up all that money that your customers owe you. But what if your cash on hand is short and the money your customers owe you isn't actually due yet?

Factor your receivables! Factoring is a process of converting your accounts receivables into cash in your bank account. It's quickly becoming one of the most preferred ways of providing immediate cash to your business.

You invoice your customer and then you 'sell' that invoice to an investment company called a 'Factor'.

The Factor immediately pays you cash and then collects payment from your customer when the invoice(s) you sold to the Factor comes due. 

With factoring you ALWAYS retain complete control and ownership of your business and you get the cash you need.

It used to be that factoring was not available to construction contractors but that's not the case any longer, at least for commercial contractors (non-residential).

Commercial contractors please click here to read more:
http://www.thecontractorsgroup.com/articles/receivables-factoring-h.html
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Forum Highlights

Below is a question (and the answer from Ask Dave) that was posted at our forum about how to fill in stop notice forms...

Q: Need help in completing Stop Notice form: Total value - is that the contract price or only the amount of work that has been completed to date, including unbilled? Also, what is the Request for Notice of Election? Do I want to complete or leave blank? Any help or comments are appreciated!

A: The stop notice should include a line stating the total value agreed to be furnished, which is the contract price, and a separate line stating the value of what has already been provided as of the date of the stop notice.

Work completed but not yet billed should be included in the "total value already provided" amount.

The notice of election should be signed. It obligates the owner to send a letter to the claimant advising that there is a private works payment bond in place, and without getting that letter, the claimant might not ever learn of the bond.

If there is such a bond, the owner doesn't have to hold construction funds upon receiving the stop notice, but the bond provides a substitute source of guaranteed payment.
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The above information was provided by Dave Barnier.

Dave is a practicing litigation attorney (he's our attorney too :) in San Diego California and he invites our readers to contact him at any time with any questions about any business matter.

Tell him we sent you and he'll chat with you for about 20 minutes at no charge!

To reach Dave and get answers to your questions:

David J. Barnier, Esq.
BARKER LAW GROUP
San Diego, CA 92108
(619) 682-4842

ps: He also does outstanding seminars on lien law. Give him a call if you'd like to attend. :)


Check It Out!

TheContractorsGroup.com was created to help construction contractors and other business owners with their day-to-day and on-going administrative needs. Have a great day! :)

Diane Dennis
TheContractorsGroup.com
[why no phone]
866-480-7105 fax
Please email me through my other website InformedContractors.com


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