Ike's Newsletter September 17, 2021

Executive Director's Report

Is Payment by the 10th Possible? Paper Available to You

The ASAMW Board approved a paper that details how a subcontractor is forced to finance construction projects.  This paper was sent to DC’s Office of Contracting and Procurement (OCP) and we are seeking endorsement by the Alliance for Construction Excellence, the lobbying group for ASAMW and several other associations.  If you would like a copy of the four-page paper, please reply to this email.

Cash flow is a major issue for Bankers, Developer/Owners, GCs and Subs, but the problem with the current system is that subcontractors are the ones who suffer most when there is a hold up in the process.  Here are some points made by a panel of experts at the CFMA/ASAMW Joint meeting this past Tuesday in Tysons:

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Ike's Newsletter September 3, 2021

Executive Director's Report

Is Payment by the 10th Possible? Paper Available to You

The ASAMW Board approved a  task force report explaining how subcontractors are forced to finance construction. Just reply to this email to receive a copy.  The paper shows how a subcontractor on a $500,000 job will wait 68 days before receiving its first payment, forcing it to finance almost half of the project costs.  DC government agencies and lawmakers want to encourage women and minority businesses to thrive in DC, but such efforts are hopeless unless something is done to get these emerging companies out of financing construction.     

There are a few seats still available for Sept. 14th at the Tower Club in Tysons Corner, where a distinguished panel of Developers, GCs and Bankers will explain the payment process to see why it takes over 45 days for payment to be received by a subcontractor for work properly completed and invoiced on private work.  The panel will include: Paul Elias, Redbrick LMD, Eric Wayne, AvalonBay, Brett Harton, Foulger-Pratt, and Bruno de Faria, M&T Bank.  Amanda Raman with Therrien Waddell will be the moderator.  Click here for more information about this event.

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Ike's Newsletter August 20, 2021

Executive Director's Report

Is Payment by the 10th Possible?  Update –  A task force of ASA members who are also Certified Business Enterprises (CBEs) in the District have developed a paper explaining how subcontractors are forced to finance construction.  The paper shows how a subcontractor on a $500,000 job will wait 68 days before receiving its first payment, forcing it to finance between up to half of the project costs.  DC government agencies and lawmakers want to encourage women and minority businesses to thrive in DC, but such efforts are hopeless unless something is done to get these emerging companies out of financing construction.    

On the private side, we will hold an event on Sept. 14th at the Tower Club in Tysons Corner when a panel of Developers, GCs and Bankers will explain the payment process to see why it takes over 45 days for payment to be received by a subcontractor for work properly completed and invoiced on private work. Click here for more information about this event. 



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Ike's Newsletter August 6, 2021

Executive Director's Report

Is Payment by the 10th Possible?  At its meeting on Wednesday, the ASAMW Board moved forward with attempts to get subcontractors out of financing construction.  They approved the recommendations of a task force of ASA members who are also Certified Business Enterprises (CBEs) in the District.  ASAMW will develop a paper for DC government agencies and lawmakers explaining how their efforts to encourage women and minority businesses to thrive in DC are hopeless unless something is done to get these emerging companies out of financing construction.  This paper will be developed over the next few days.  If you would like to be part of the conversation, just reply to this email stating your interest. 

On Sept. 14th at the Tower Club in Tysons Corner, a panel of Developers, GCs and Bankers will explain the payment process to see why it takes over 45 days for payment to be received by a subcontractor for work properly completed and invoiced on private work.  Click here for more information about this event.

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