August 3, 2022

The Builders’ Lien Act is changing to the Prompt Payment and Construction Lien Act (the “PPCLA”) on August 29, 2022. Are you ready for it?

The Builders’ Lien Act is changing to the Prompt Payment and Construction Lien Act (the “PPCLA”) on August 29, 2022. Are you ready for it? In preparing for the implementation of the PPCLA it is important to review your internal practices and procedures to ensure your company can track and manage the deadlines and requirements of the PPCLA. Below are some practical issues to consider: Your invoice may need to be changed to meet the requirements of a Proper Invoice under the PPCLA.  A “Proper Invoice” must include: the contractor’s name and business address; the date of the proper invoice...

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August 3, 2022

Prompt Payment and Construction Lien Act – FAQs – Issue No. 3

Gowling WLG LLP has provided a Prompt Payment and Construction Lien Act – FAQs – Issue No. 3. These further 50 FAQs  (No. 110-160) result from questions asked about the new legislation in more than 30 webinars we presented over the last three months to various sectors of the construction industry including owners, consultants, contractors, trades, suppliers, insurers and financial institutions, so the questions reflect the interests and concerns of a broad cross section of the construction industry. It is planned to issue one more set of FAQs – before the August 29, 2022 effective date of the legislation –...

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June 24, 2022

Builders’ Lien FAQ

What is a Builders’ Lien? A builders’ lien is a legal framework that provides contractors, subcontractors and other parties entitled to payment in a construction project an effective form of recourse if they are not paid within a reasonable time. Registering a lien against a property or leasehold interest secures a legal interest in the property or leasehold interest for the registering party. Once a builders’ lien has been registered against a property or leasehold interest, various enforcement measures can be utilized by the registering party to try to obtain recovery for their lien claim.  Further, the owner of the property will...

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June 1, 2022

Make Time to Plan a Smooth Exit, No Matter When You Leave

Make Time to Plan a Smooth Exit, No Matter When You Leave If you operate a business in the real estate or construction sector, you probably have the goal of selling it down the road so you can enjoy your retirement. Planning for succession early is the best way to ensure you achieve that goal, even if you end up exiting your business sooner rather than later, transitioning the business early due to circumstances outside of their control, or changes in plans. Taking the steps to develop a succession plan now, so