NCS Blog

No Two States Are Alike In Notice Requirements – Weekly Review

These are a few of the articles that caught our eye this week:

Here’s why we shared the article:
As many of you know, the statutory deadlines in Texas occur on the same date each month: the 15th. This is “Texas Week” at NCS and we thought this was a great opportunity to break down statute for you.
 
“…The purpose of this article is to address some of the basic concepts and requirements associated with asserting lien and bond claims on Texas construction projects.”

Here’s why we shared the article:
The author touches on Payment Bond Thresholds, Notice Requirements, Statutes of Limitations and most importantly the author points out that no two states are alike in the notice requirements:
 
“In each state, Little Miller Acts control the bond rights for contractors working on public projects. But no two states’ Little Miller Acts are the same. They all differ in often small but always significant ways.  Failure to understand these differences can have important consequences for all contractors working on public projects, whether they are prime contractors, first-tier subcontractors, subcontractors farther down the tiers of a job, or suppliers at any level. As a best practice, at the beginning of each project, each contractor should review the nuances of the applicable Little Miller Act, particularly if they often perform jobs in various states.”

Here’s why we shared the article:
This article provides a great explanation of the insolvency process in Canada, including relating it to the various bankruptcy chapters utilized in the United States.
 
“There are two significant federal insolvency statutes in Canada: the Bankruptcy and Insolvency Act ("BIA") and the Companies' Creditors Arrangement Act ("CCAA"). The BIA is Canada's general equivalent of Chapter 7 of the United States Bankruptcy Code (the "US Code") and the CCAA is Canada's general equivalent of Chapter 11 of the US Code ("Chapter 11")…”

 

NCS Blog: “Credit Risk Management: How Do You Reduce Risk?

Risk is inherent in everyday actions and interactions; whether we are driving a car, investing money in the stock market or extending credit to a customer without collateral, we take risks every day. Fortunately, there are ways to reduce these risks – we adhere to traffic laws when we drive, we diversify our accounts when we invest in the market, and we implement credit policies and utilize credit tools when extending credit to our customers. We are proactive not reactive, therefore we are prepared in the event we are “exposed to danger.”
http://home.ncscredit.com/sites/default/files/Blog%20Images/closed%20biz.png
 
Did You Know? In 1 hour of an 8 hour work day, 88 businesses close their doors for good; it would be unwise to pull a credit report once and to never look again.