Since 2010, more than 30 municipalities nationwide have filed for bankruptcy. Many states have experienced budget crises that have slowed payments or shelved projects, and the U.S. faced an operational shutdown that threatened the federal government's ability to pay its contractual commitments.

同时，大型上市公司的破产仍然接近历史最高水平。在传统的建筑范式中，项目所有者担心其总承包商的失败或违约。在当今的建筑市场中，现实是总承包商必须密切关注所有者支付的能力，而不管所有者看起来如何稳定成为。

业务部门的工具

而建筑业发达tools, such as retainage and surety bonds, to protect the owners' interests, general contractors should look to concepts that are common in the business sector to ensure the owner's performance. One increasingly common security device is a standby letter of credit. Generally speaking, a letter of credit is drawn on a U.S. bank and can be written to secure the owner's payment obligations. In contrast, a surety bond generally allows the surety to investigate the claim, and the surety may deny payment depending upon its evaluation. On the other hand, a letter of credit can be written to allow immediate payment on demand, regardless of an owner's objection. It is important to note that letters of credit are controlled by the exact language used, and accordingly, proper financial and legal advice is essential to avoid a false sense of security.

It may be simpler for the general contractor to ask for an advanced payment. If the client is not amenable, the general contractor can bill more frequently than on a typical monthly basis—say, every two weeks, with payment due within 10 days of receipt of invoice.

A similar step, but one with more structure, is to escrow the client's construction funds with a third party, such as an escrow agent or bank. The general contractor may insist the owner make multiple deposits to the escrow account during the project, ensuring that funds available to the general contractor keep pace with, or ahead of, the work being put in place. If this tool proves useful, a general contractor may want to establish a repeatable escrow process with a trusted banking partner, so the tool is available when the general contractor needs it on short notice.

承包商还应注意与他们合同的人确切了解。许多大型私人所有者经常使用单能实体来拥有和管理建筑项目。18luck官网在这些情况下，承包商应考虑寻求母公司保证，以确保该项目具有足够的财务支持。

In many instances, such as public or competitively bid projects, the above options may not be available. However, a careful general contractor will conduct financial due diligence on its client before getting too deep into any bid or project. Financial information is generally available for public owners, and publicly traded owners' financial information is available through the company's SEC filings.

未经执行的保护

Contractors should closely review this information before agreeing to make significant investments. Although the typical AIA construction contract permits the general contractor to ask the owner for documentation evidencing its ability to pay for the work, seldom will the general contractor actually receive such assurance. Owners may not like being pressured to divulge financial information or having to give assurances of performance, but reputable owners should understand the general contractor's legitimate concern. Many states have prompt payment laws, but those statutes cannot ensure that funds are in place and available at the time payment is to be made. Prevention is cheaper than cleanup, and performing work for an insolvent owner can lead to disastrous results. By managing financial risks at the outset, contractors can focus on bringing in quality projects on time and under budget. 

道格·拉罗（Doug Lareau）(dlareau@shawmut.com) is chief legal officer with Shawmut Design & Construction, a construction management and general contracting firm.

Ken Rubinstein (krubinstein@preti.com) is co-chairman of the construction practice at Preti Flaherty Beliveau & Pachios LLP.