Costpoint Online Help

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Liens

A lien is a legal claim against another's property. Business liens are often for construction or other large projects.

For example: Bigg Company needs a new office and is using C Construction Company to build the office. C Construction needs lighting fixtures and goes to S Supplies. S Supplies allows C Construction to take a large quantity of supplies with the understanding that C Construction will pay as soon as the job is finished. If C Construction does not pay, in some circumstances S Supplies could place a lien against Bigg's new office. C Construction promised to make payment to S Supplies for the supplies, but Bigg has possession of, and is enjoying the use of, the light fixtures. This lien means that Bigg does not completely own its new office; S Supplies, since it is still owed payment, owns part of the office.

If a lien is placed against one of your company's projects, your contract administrator or project manager is notified. With the information that you obtain from your contract administrator or project manager, enter the information on the Liens subtask of the Subcontractor Payment Control block on the Manage Vendor screen. In the Effective Date field, you enter the first date of lien enactment. The Released field defaults to N for not released. You cannot make payments while this lien is in effect for the specific vendor/project combination.

For liens only, Costpoint allows only one form of vendor/project combination. After you use a vendor with any portion of a project number, either at a lower level (more specific project) or at a higher level (more general project), you cannot reuse it. Example: After vendor AAA is matched with project 1000.001.002 on a lien, you can never pair AAA with any other form of project 1000 for lien purposes.

Before payment is released, Costpoint checks the Liens subtask of the Subcontractor Payment Control block on the Manage Vendor screen. To release payments for a vendor/project combination, change the Released field from N to Y. Then enter the date you have received from your contract administrator or project manager in the Released Date field.

Before payment is released, Costpoint first validates any liens, then validates insurance and bonds.