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May 01 2011
Credit Line Newsletter
E-News May 2011

In This Issue
- The Value of NACM
- Do You Want to Get Lucky?
- Bond Claims on Construction Jobs
- Boot Scoot Review
- "Sight In" on Credit Policy

Looking Ahead

May 12 - FREE Credit Reporting and Industry Credit Group Training.  More info

May 12 - ICEL No One Makes It Alone - Even In Credit
More info

May 22 - NACM's 115th Credit Congress & Expo
More info

June 7 - Credit Boot Camp  More info

Jul 14 - ICEL Test Your Credit Knowledge

Sept 23 - NACM Fall Outing & Golf Tournament

Oct 5 - Western Credit Conference

Why should I submit potential members to NACM?"

Help gain information on your customers. As a member, their information could help build the database on your customers as well, It's not just a one- way street. more Info



The Value of NACM

by Nina Flurer, CCE, NACM Board Chair, H&E Equipment Services

When I first joined NACM, I had no idea how much I would grow from my participation in this organization. From ICEL and professional designations, to committees and networking opportunities, our affiliate provides many tools for members to succeed and grow. In a period of time where we are all expected to do more with less, NACM is a valuable tool in being able to achieve results.

In the current economic climate, there are many pitfalls. The legal environment is changing, and NACM provides seminars, articles and information to keep you informed of the things you need to know. The cost of membership in NACM easily pays for itself just in this area alone. Calling contacts at NACM or networking with other credit professionals in the field has allowed me to save my employer a lot of money because I had the knowledge to take steps to reduce my company's risk. Our affiliate also has a great collection department that takes your collection accounts and works to help bring in those delinquent accounts receivable. View full article

Want To Get Lucky?

by Susan Lujan, CCE, Kenworth Sales Co

IIf any of you have ever taken a class from me or heard me speak, you may have heard me define the word "luck" as a combination of opportunity, preparedness and timing. I still believe this definition works, even in our economy.

I recently had the opportunity to lead the NACM National Honors and Awards Committee and interview the finalists. Let me tell you- they were all "lucky" to be there! The candidates had been nominated as the best based on pursuit of education, dedication to the profession and giving back. Salt Lake City was proudly represented again.

As the interviews progressed, I found myself reflecting back on news of unemployment and lost wages. One of the candidates had changed jobs within her company between the nomination and the interview. The statistics still show individuals with some college make more and are less likely to be unemployed (they may be under-employed but they are still working in higher numbers). Can you guess why she was spared?  View full article

Bond Claims on Construction Jobs
by Scott W. Lee, JD, CCE, VP, NACM BCS

I think most people in the construction industry are aware that mechanics' liens can be utilized to help obtain payment from subcontractors, contractors and owners. But, as I speak with people in the industry, I find that fewer people are aware that bond claims may also be available.

A bond is similar to a guarantee. It is a third party saying if Joe doesn't take care of this, I will. There are two types of bonds on construction projects: 1) the performance bond; and, 2) the payment bond. You will likely be more interested in the payment bond. The performance bond usually comes into play when the general contractor, for whatever reason, doesn't complete a project. The bonding company will then step into the shoes of the general by hiring a new general to complete the job. Enough said about performance bonds.

The payment bond, although similar to a guarantee, also has characteristics similar to insurance in that it is not open ended. That is the bond may be for the maximum sum of $500,000 and when claims totaling $500,000 are paid, anybody else still having a claim, or if it is one claim larger than said sum, the excess isn't covered. Payment bonds are a source of payment in addition to your contract claims and mechanics' liens claims. They are not "in place of" mechanics' liens except on government jobs where there are no mechanics' lien rights.  View full article 

Boot Scoot Review

Election Results - Awards - Photos & More

What NACM Members are saying about the 2011 "Boot Scoot"?

"Loved the band!"
"Great people, food and prizes!"
"It was just a fun atmosphere'
"The live band and casual atmosphere made it fun and relaxing"
"Line dancing was great!"
"I found the prizes & entertainment great!"
"The band was excellent. Buy one get one free was a great idea to increase attendance. It felt like a true celebration of association to have more people in attendance"  View full article with election results, new board of directors, photo highlights and more.

"Sight In" on Credit Policy

by Georgette Bevan, CCE, NACM BCS

"I shot an arrow into the air, it fell to earth, I knew not where" a verse from Henry Wadsworth Longfellow and the perfect analogy of a poor credit policy.

If you don't have a credit policy- write one. If your credit policy does not clearly define your target and give the directions on adjusting the sight and shooting the arrows, it's time to begin reconstruction. If you have not evaluated your current policy in light of our struggling economy, now is the time! No one can afford to leave profits fall unclaimed.

A credit policy should be a strategic guideline with a well defined bull's eye. It is a tool used to train and develop skilled marksmen capable of hitting your target rather than aimlessly attempting a good shot. View full article