We have built several projects for Boxer and they all turned out nice. For "C" buildings the end product looks much better than it did before. We worked on a couple of smaller jobs and got paid in about 40 days, still 10 days past the 30 days that they agreed to. Then we took on 2 jobs one of which needed to be completed in November and one in December. Both were completed on time and had tenants moving in as we finished. We just got paid on the job completed in November, much closer to 120 days than the 30 day terms they agreed to. We hope to get paid by the end of May for the job completed in December.
After we inquired about our checks they finally explained how their billing works. If the bill is not in and approved by the 20th of the month it will be in the next months hopper. After the bill is in the hopper they arange for financing. After they get the financing, which could take another 3-4 weeks then they can send out the check the 10th of the following month. Miss one date, my fault, their fault, it doesn't matter I don't get a check. This is unlike any other management firm I have been associated with. Everyone else has the money available as soon as the project is approved.
Until this time we always got great service from our subcontractors because we paid our bills on time. Now several have gone to work for our competors because we are so far behind. We had to max out our line of credit just pay the squeakest of the wheels.
This has only happened to me one other time and I beleive that contractor is now in jail. If you see these guys coming run the other way.
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