C
cid
Guest
Ok, I'll try to make this short. I'm in NC, so keep that in mind.. 
~2 years ago, I signed a contract as a sub-contractor with the PRIME contractor to Time Warner cable, installing mainline CATV and Fiber optics.
The contract that I signed stated in writing that i would be paid in FULL in 30 days at the latest. I worked for about a year under this contract, but they paid me when they wanted, invariably past 30 days. I would go sometimes 60 days before getting paid. I also did not get paid EVERY invoice either. in effect, they were paying me when they got paid.
BTW...I carried all my own insurance, labor, and equipment.
Anyway, being a small operator, it was extremely hard to maintain my business and labor overhead when I got paid so sporadically. many times, i'd have to shut down for a days, or many days simply from lack of operating funds. i needed some relief.
After MUCh whining on my part, the Prime contractor agreed to take out a line of credit with their bank so that i could start being paid bi-weekly. They only wanted to cover their interest costs accorind to them, so they would hold back 10% of a particular invoice, then pay me the balance when they got paid for that invoice by Time Warner, the contract holder. I was REALLY in a bind, so i agreed to the arrangement, thinking that with a steady cash flow, i'd be able to increase my productivity.
Here it gets really funny. When i got my first check from them, i discovered that they withheld 20% of the invoice, and they began giving me back only 10% back. in other words, they pocketed the other 10%.
I ended up losing my equipment and business and now they don't understand why i want my retained money back. I even went so far as to offer to figure out their ACTUAL cost of each advanced invoice, but they don't agree that they took too much. I think that i was (more than)fair in offering to settle for the retainage minus their actual costs of the forwarded monies.
I feel like they should give me ALL my money back, since they violated the original contract and forced me into a situation where i had to enter the bi-weekly agreement with them.
I never got documentation from them in regards to the details of the agreement, and we signed nothing after the original contract. additionally, I have STILL not recieved my 1099 for last year from this outfit, even after repeated requests.
Why, you ask, did i agree to something like that instead of just taking them to court to begin with?
Simple...I wanted to work in this town. They have the entire contract for this town and the surrounding counties. I am CATV by trade, and that's what i wanted to expand upon, and not get into the whole traveling the country working scenario. They are the only CATV contractor within 50 miles Charlotte. What can I do? What shold i do?
I need my money, and without my 1099, i can't even do my taxes. I am in a bad jam. help, please. I don't think I'll ever get back into the CATV business again because of this last episode. i've been in the field for 10 years and had 120,000 in equipment that was repossesed, adn a 35,000 truck that is on the way to repo soon. This has ruined my life. I just want my money.
[This message has been edited by cid (edited April 03, 2000).]
~2 years ago, I signed a contract as a sub-contractor with the PRIME contractor to Time Warner cable, installing mainline CATV and Fiber optics.
The contract that I signed stated in writing that i would be paid in FULL in 30 days at the latest. I worked for about a year under this contract, but they paid me when they wanted, invariably past 30 days. I would go sometimes 60 days before getting paid. I also did not get paid EVERY invoice either. in effect, they were paying me when they got paid.
BTW...I carried all my own insurance, labor, and equipment.
Anyway, being a small operator, it was extremely hard to maintain my business and labor overhead when I got paid so sporadically. many times, i'd have to shut down for a days, or many days simply from lack of operating funds. i needed some relief.
After MUCh whining on my part, the Prime contractor agreed to take out a line of credit with their bank so that i could start being paid bi-weekly. They only wanted to cover their interest costs accorind to them, so they would hold back 10% of a particular invoice, then pay me the balance when they got paid for that invoice by Time Warner, the contract holder. I was REALLY in a bind, so i agreed to the arrangement, thinking that with a steady cash flow, i'd be able to increase my productivity.
Here it gets really funny. When i got my first check from them, i discovered that they withheld 20% of the invoice, and they began giving me back only 10% back. in other words, they pocketed the other 10%.
I ended up losing my equipment and business and now they don't understand why i want my retained money back. I even went so far as to offer to figure out their ACTUAL cost of each advanced invoice, but they don't agree that they took too much. I think that i was (more than)fair in offering to settle for the retainage minus their actual costs of the forwarded monies.
I feel like they should give me ALL my money back, since they violated the original contract and forced me into a situation where i had to enter the bi-weekly agreement with them.
I never got documentation from them in regards to the details of the agreement, and we signed nothing after the original contract. additionally, I have STILL not recieved my 1099 for last year from this outfit, even after repeated requests.
Why, you ask, did i agree to something like that instead of just taking them to court to begin with?
Simple...I wanted to work in this town. They have the entire contract for this town and the surrounding counties. I am CATV by trade, and that's what i wanted to expand upon, and not get into the whole traveling the country working scenario. They are the only CATV contractor within 50 miles Charlotte. What can I do? What shold i do?
I need my money, and without my 1099, i can't even do my taxes. I am in a bad jam. help, please. I don't think I'll ever get back into the CATV business again because of this last episode. i've been in the field for 10 years and had 120,000 in equipment that was repossesed, adn a 35,000 truck that is on the way to repo soon. This has ruined my life. I just want my money.
[This message has been edited by cid (edited April 03, 2000).]