AvidXchange Adds Lien Waiver Management Feature for Construction Industry

AvidXchange has added a Lien Waiver Management feature for the construction industry.

This new feature has been added to the company’s TimberScan purchase-to-pay platform and associates the release of funds with the receipt and inspection of the lien waiver, AvidXchange said in a Thursday (June 1) press release.

“Tracking and managing lien waivers is a notorious problem in the construction industry, as a lack of compliance in executing these documents often holds up future payments and requires a great deal of time and effort in chasing paper,” AvidXchange Vice President of Construction Jim Campbell said in the release. “We’re excited to launch a solution that can help construction companies increase efficiency and automate manual steps in their lien waiver and payments workflows.”

AvidXchange’s new Lien Waiver Management feature supports all four types of waivers: partial conditional, partial unconditional, final conditional and final unconditional, according to the release.

It enables construction industry professionals to check the status in real time, bulk release payments based on that status, and ensure parties involved in a project are paid efficiently, accurately and securely, the release said.

“Having a truly automated, integrated lien waiver tracking system that ties an invoice to a cash disbursement is immensely helpful in curbing laborious requirements for tracking and collecting payments,” Welsh Construction Chief Financial Officer Allen Overturf said in the release.

PYMNTS research has found that construction firms are looking to technology to help them improve operations and build resilience.

Thirty percent of such firms said they are preparing for a possible recession by investing in technology to save time and costs, according to “Building Better Cash Flow in Construction With Digital Payments,” the January/February edition of the “B2B and Digital Payments Tracker®,” a PYMNTS and American Express collaboration.

In another offering for the industry, construction management software provider Procore announced in November that it was adding a payment functionality to its platform that helps companies by “reducing payment friction by expediting invoice review and providing payment options powered by Goldman Sachs.”

The tool also helps businesses save time by reducing friction around data entry, integration and payment processing, while also streamlining lien waiver collection with the help of an automated lien waiver exchange.

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