Associated Builders and Contractors (ABC) is a national trade association that represents more than 21,000 contractors, subcontractors, material suppliers, and related firms across the United States from all construction industry specialties.
A construction lien is a claim made by contractors, subcontractors, or suppliers who have performed work or provided materials but have not been paid. It ensures they are compensated by securing a legal right against the property where the work was performed or materials supplied.
A legal notice filed after the completion of construction that signals the time frame during which an unpaid contractor can legally file a mechanic’s lien.
Progress payments are partial payments made to a contractor or builder as specific stages of a construction project are completed. These payments are contingent on the fulfillment of predefined milestones, ensuring that the contractor receives payment for the work completed to date without having to wait until the entire project is finished.
In real estate, a surety is an individual or entity that guarantees the performance of obligations or responsibilities, usually relating to contractual agreements. This acts as a safety net ensuring that the party performing the work will fulfill their commitments, or the surety will step in to cover any losses or damages.
