Lessons or Losses?

Best Practices for Component Manufacturers
in an Uncertain Market

A WTCA webinar featuring Legal Counsel Kent Pagel

Click HERE to purchase a recording of this webinar.

Duration: 90 min including Q&A Session
Expanded Webinar Outline

1. State of the Industry: The Slowdown is Putting Pressure on Everyone

• Fewer housing starts
• More competitive pricing—the commodity mindset of Builders/General Contractors
• Wall Street pressures on production builders
• Leverage pressures on national, regional and local builders
• Favorite Builder/General Contractor remedies
  • Demanding price concessions—is this legal?
  • Trumped up backcharges
  • Slow pay » late pay » no pay

2. Due Diligence in Verifying Customer Credit

• Why credit applications are critical
• Learn what information you should obtain
• Understand credit application forms and how to use of credit information

3. Getting Paid for Your Work

• Understand the types of business structures your customers use
• Case example

4. Joint Checks & Joint Check Agreements

5. Review & Negotiate Written Customer Contracts

• Why this is extremely important
• How to start doing it immediately

6. Take Action to Avoid Unfair Backcharges

7. Repossess Sold Materials & Suspend Future Performance

• Can my company do this if our customer does not pay?
• Contractual implications

8. The “Ifs” of Collection Remedies

• Remedies are dependent on the terms of the existing customer contract
• Prompt payment statutes
• Trust fund statutes
• Remember the Mechanic’s Lien
• Making a claim against performance and payment bonds

9. Our Customer Filed Bankruptcy...Now what?