Joint Check Agreements with Security, Guaranty and Trust Fund Options
- Wed, July 15, 2020, 03:00 - 04:00
Cost: Members: $95
Registration Includes: One telephone and web connection at one physical location
US: 3:00pm – 4:00pm ET
About the Webinar
There is no such thing as a “standard” joint check agreement. These documents vary widely in their wording. Some joint check agreements provide a material supplier protection on a construction project. Some take away more rights than they give.
A credit manager must be able to evaluate the security offered and suggest changes that will better protect company assets. The most common joint check agreements state only that a general contractor will write any check jointly. This only helps if a check is ever written and offers no protection if the customer defaults on their contract or is not owed any money. Some agreements provide no recourse against a general contractor if there is a failure to issue a joint check. Agreements can even contain a waiver of your lien and bond rights.
What if the customer disappears, goes out of business or refuses to endorse a check? What if there is a disagreement about the amount owed the material supplier? What are the regulations on the use of Joint Checks on government projects for Disadvantaged Business Enterprises? Learn how to provide guaranties, actual security and trust fund provisions in a joint check agreement that will protect company assets, even in the event of bankruptcy.
About the Speaker
James D. Fullerton the President of the law firm of Fullerton & Knowles, P.C., which has attorneys licensed in Virginia, Maryland, Pennsylvania, and the District of Columbia, is a Martindale Hubbell Peer Rated Lawyer AV® Preeminent. ™ Jim represents owners, lenders, design professionals, suppliers, subcontractors, general contractors and other members of the real estate and construction industries region-wide. Our system allows us to file mechanic’s liens, surety bond and other construction claims across all of the states in the Mid Atlantic region and represent creditors in bankruptcy issues nationwide, particularly defense of bankruptcy preference claims. He advises on all real estate and construction law issues; public procurement and bidding, contract formation and disputes; defects in labor and materials; design defects in plans and specifications; inefficiency, impact and delay claims; mechanic's lien and bond rights; litigation, arbitration and mediation in public and private projects; joint ventures, mentor protégée agreements and other arrangements for minority and disadvantaged business enterprises; bank and lender representation; commercial transactions and loan closings; sales contracts and leases. In connection with his comprehensive representation of clients, he offers diverse experience in general business matters, including corporate formation and decision making, buying and selling businesses, bankruptcy, employment issues, governmental regulation and real estate.
Mr. Fullerton is also a master brick mason, a licensed real estate broker and the owner of Summit Real Estate. He is Counsel to Board of Directors, Virginia Precast Concrete Association; and is Counsel to Board of Directors, Central Atlantic Precast Concrete Association. He graduated from the University of Colorado and the University of Virginia School of Law.
The firm’s Construction Law Survival Manual is well known and widely used by participants in the construction process. The 750-page manual provides valuable information about construction contract litigation, mechanic’s liens, payment bond claims, bankruptcy and credit management and contains over 30 commonly used contract forms.
Instructions to join the Webinar will be sent to the main registrant's email address the day before. Remember! please log-in at least 15 minutes prior to the webinar commencing to ensure ample time for technical assistance if needed.