Financial Managers Webinar Series - Ohio Mechanics' Liens, Prompt Pay & Retainage Laws
Financial Managers Webinar Series
Ohio Mechanics' Liens, Prompt Pay and Retainage Laws
with Donald Rineer of Auman, Mahan & Furry
OCILB/KY CEU 1HR Business
Tuesday, January 17, 2023
The construction industry operates on credit. Unless you are getting paid in advance, your business is no exception. When you provide materials/work expecting to be paid later, you are extending credit to your customer and are financing your part of the project. They are likely holding retainage on you too. These days, it seems more and more contractors are using your money for other things, leaving you holding the bag if their business fails. By understanding and using your rights under Ohio mechanics’ liens, prompt pay and retainage laws, you can better protect your business from non-paying and slow-paying customers. Donald Rineer, Auman, Mahan & Furry, will review Ohio’s mechanics’ liens, prompt pay and retainage laws, and provide helpful suggestions on how to use these laws to get paid. Some of the things you will learn include:
- The significance of the Notice of Commencement
- How to prepare and serve your Notice of Furnishing to preserve your lien rights
- The deadlines and steps for serving your Notice of Furnishing and securing a valid lien
- What "Notice to Commence Suit" and "bonding off" mean
- How to use the weapons provided by the Ohio Prompt Pay Act
- The legal parameters on retainage and what this means for your lien rights
- The difference between "conditional" v. "unconditional" and "partial" v. "final" lien waivers, and to spot traps being set in these "standard" forms
- The differences in these concepts for public, private and residential projects
Who should attend? People who are responsible for your company's credit decisions or bottom line.
Donald Rineer is a shareholder and director with Auman, Mahan & Furry, practicing in the firm’s business group. Donald works with closely held businesses in various industries, financial institutions, construction contractors and owners, trade associations, real estate investors and many other types of businesses. As an experienced business attorney, he routinely assists clients with their day-to-day business “legal” needs, working efficiently and providing practical advice and solutions, but he also represents businesses in significant and high stakes events. Donald has been involved in virtually all types of contracts and transactions that a business can encounter.
Webinar Fee $45
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