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Perhaps the function of Textura’s CPM product that provides the most relevant information to decide whether Textura is a friend or foe of subcontractors is the treatment of lien waivers. We suggest you try the following to help find what you’re looking for: On April 28, 2016, Oracle announced that it has entered into a definitive agreement to acquire Textura, a leading provider of construction contracts and payment management cloud services. Any resulting features and timing of release of such features as determined by Oracle's review of Textura's product roadmap are at the sole discretion of Oracle. Regency Centers, an owner-operator and developer of shopping centers, began using Oracle Textura Payment Management to electronically pay … While the players may be more efficient, they are still playing by the same rules. TPM Reports Guide, Getting Started with Textura Payment Management, TPM Help … "The software is so easy to use the features offered to you makes it easier. These components of the construction payment timeframe is responsible for a huge chunk of subcontractor payment delays, and Textura’s CPM doesn’t really do anything to change this timeframe. "Does what I needed it too, customer service … Unscrupulous property developers, lenders, and general contractors can take advantage of this position and load lien waivers with tons of contract-altering provisions and expansive claim waivers. However, CPM’s “get paid faster” claim is not completely devoid of merit. Textura offers its cloud services in a consumption model preferred by the engineering and construction industry whereby the companies involved pay based on project activity. Try one of the popular searches shown below. Further, usage of Textura… The lien and notice process is not the problem, it’s the solution, and embracing this process is the key to fair construction payments. For subcontractors and the ASA, however, there is an arguable problem with the CPM business model, in that the tool emboldens general contractors to exert even more leverage and pressure in the payment process, a process “of great importance to ASA members.”. Textura customers and partners: Please use your existing contacts for client services, professional services and sales. Parties have become so crazed about collecting contract negotiation wins and leverage points that they overlook a simple solution: more transparency and a commitment to a fair process. Since the Construction Payment Management platform’s “key differentiator” is the lien waiver exchange process, one should question whether Textura insulates subcontractors against these unfair practices, or emboldens parties to attempt them? It is especially perfect for these parties if they happen to have malicious intent – they can include any language desired in the lien waiver and use Textura’s CPM to force acceptance of the waiver before payment is made. And then, the subcontractor must still wait for the requisite “review and approval period.”. And on and on. Read... What Most Don’t Understand About California Lien Rights. The Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, will be made available to all holders of shares of Textura at no expense to them. Can we remove the name of the unrelated customer from the lien... (Using false names for privacy). These risk-shifting actions have been taking place for over 200 years. The tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents) and the Solicitation/Recommendation Statement will contain important information. Oracle Textura Payment Management vs. RewardPay. Since, Textura does not supply language, whether legally required or otherwise, Textura allows lien waivers exchanged through the CPM to say whatever the general contractor or owner wants them to say, and the CPM platform will blindly require subcontractors to sign them as a condition to getting paid. When used in this document, the words "anticipates", "can", "will", "look forward to", "expected" and similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements. The industry’s landscape just makes it really, really hard to actually pull off. You may read and copy any reports or other information filed by Oracle or Textura at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Nevertheless, as this article will explore, there may be some irreconcilable frictions between Textura’s CPM business model and the interests of subcontractors. Or, instead, does it make more sense that Textura’s product is and will be built to appease the risk appetite of general contractors and property owners? Then it can be determined if Textura’s CPM platform offsets those problems. (The other two highlights are an employee-owned grocery store and a pharmaceutical company.) Lien Waivers: The 12 States With Required Forms, Pay Applications: What Contractors Need to Know To Get Paid, How to fill out the AIA G702 Application and Certificate for Payment, Subcontractor’s Guide to ConsensusDocs 710 Application for Payment, Pay Applications | Common Mistakes to Avoid, Checklist For Contractors: Submit These Documents With Your Payment Application [Free Download], Schedule of Values Guide, Template, and Resources, How Change Orders Work in Construction (With Free Form Template), Subcontractor’s Guide to the AIA G701 Change Order, Top 3 Causes of Hidden Losses for Contractors on Construction Projects, Deductive Change Order vs. Additional Information about the Acquisition and Where to Find It What Do I Do If I Miss a Preliminary Notice Deadline? The transaction has closed. The Oracle Primavera flagship products have been completely re-architected for the Cloud, and the result is a set of cloud services that are growing rapidly as construction and engineering companies embrace digital transformation. All product roadmap information, whether communicated by Textura or by Oracle, does not represent a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decision. As stated by Textura’s own investors, the company “doesn’t need to spend sales & marketing dollars on the subcontractors…as long as the GCs agree, everyone is required to use” the products. Oracle Textura Payment Management increases efficiency and control in construction payment management through a collaborative subcontractor invoicing and payment software system. At the ENR Risk Summit in 2013, subcontractors complained about payment abuses, stating strongly that “we need to lead the industry kicking and screaming to payment reform.”. We would like to show you a description here but the site won’t allow us. Usage Limits: The Textura Payment Management Enterprise Cloud Service … Why would Textura build its product to help subcontractors at all? Textura's cloud services process $3.4 billion in payments for over 6,000 projects each month, helping keep projects on time and under budget while reducing risk for developers, contractors and subcontractors. Textura’s CPM platform is designed to streamline the process by enabling subcontractors to electronically make payment applications and exchange required documentation. So let’s travel upstream and figure out how companies go from good intentions to maximizing leverage. Subcontractors face huge working capital challenges because of the industry’s traditional payment schedules, and this is intensified by general contractor risk shifting practices like pay when paid clauses, pay if paid clauses, onerous lien waiver agreements, and more. Oracle Textura Payment Management supports a two-day turnaround on payment application processing. The tender offer materials and the Solicitation/Recommendation Statement will be made available for free at the SEC's web site at www.sec.gov. I hired ABC company to do work on a rental property. The subcontractor’s payment woes begin with the construction contract arrangement, which requires the subcontractor to buy the supplies, provide the tools and equipment, pay for labor, and perform work before applying for payment. The opposite sentiment is echoed by subcontractors, who Korman quotes complaining about payment abuses and the practice of “staying ahead” of subs, saying that “[w]e must lead the industry kicking and screaming…to payment reform.”. Textura has proven to be very responsive about customer service. Citron claimed that Textura is hiding “subcontractor churn” (i.e. Oracle Textura Payment Management Cloud Service Simplify Construction Billing and Payments Oracle Textura Payment Management increases efficiency and control in construction payment management … Can a name be removed from a mechanic's lien without cancelling a lien? In fact, Textura claimed as much in their 2013 S-1/A filing with the Securities Exchange Commission, which states:  “A key differentiator…[is the] ability to handle the generation and exchange of lien waiver…[which reduces] the risk of claims.” p. 83-84. Companies don’t go into new projects intending to out-leverage other participants. Use synonyms for the keyword you typed, for example, try “application” instead of “software.”. Short on working capital, they are asked to sign a document in exchange for cold, hard cash. Oracle Textura Pre-Qualification Management, Letter to Customers and Partners from Mike Sicilia, SVP and GM, Oracle Engineering and Construction GBU, outlining the benefits of the combination, Overview and Frequently Asked Questions (PDF), Learn more about what the combination of Oracle and Textura will mean for our customers and partners (PDF). Get free payment help from lawyers and experts, Biggest U.S. contractors and how they pay, Last updated: Apr 20, 2020 Published: Jun 09, 2015 Reading time: 9 minutes. After all, everyone is trying to avoid lien claims. But more importantly, I have found the support team to be responsive and genuinely interested in solving problems." They will be allowed to work on the project. There are problems around every corner:  personality conflicts, weather, unknown site conditions, workmanship disputes, and more. Since Textura-GCs will require all of their subcontractors to use the Construction Payment Management platform, it’s intrinsically true that subcontractors who embrace the platform will “stand out from the crowd” against those who do not. [Free Template Download]. I am getting property owner calls that are upset that we are sending NTO to them when the cell tower is on there property but not owned by them. In dismissing the argument, the Textura investor basically brushes off subcontractor (un)-happiness as irrelevant: Citron doesn’t understand the business model – subcontractor churn number isn’t relevant as long as the GCs keep using Textura for their projects. These filings identify and address other important factors that could cause Oracle's and Textura's respective operational and other results to differ materially from those contained in the forward-looking statements set forth in this document. You are cautioned to not place undue reliance on forward-looking statements, which speak only as of the date of this document. How to Enter an Invoice in Textura Payment Management (Doc ID 2373842.1) Last updated on APRIL 23, 2020. With TPM: Pay application documents are automatically … Textura’s sales pipeline is full of the world’s biggest general contractors and property developers. They wind up there because they are hyper-paranoid about down-the-chain risks, and engage in a battle to “stay ahead” of the other party on payments. Subcontractors appear to have a tenuous relationship with Textura’s Construction Payment Management (CPM) platform. Neither Oracle nor Textura is under any duty to update any of the information in this document. It is intended for information purposes only, and may not be incorporated into any contract. Oracle Textura Payment Management Cloud Service enables you to boost efficiency, enhance visibility, and increase control of payment management. There have been a lot of posts here on the Construction Payment Blog about lien waivers, with a strong focus on how lien waivers themselves, and the lien waiver process as a whole, can be unfair. To the contrary, it was created to establish a risk baseline:  Those who are commissioning the project must pay for it. Those looking to get paid for work done can use the lien right to make sure they do. What explains this? The next section of this post will analyze each in turn. Oracle's and Textura's filings with the SEC are also available to the public from commercial document-retrieval services and at the website maintained by the SEC at http://www.sec.gov. There is nothing inherently wrong or unfair about the construction industry’s payment processes. Further, usage of Textura's cloud services creates a network effect that benefits all participants as more than 85,000 general and subcontractors are connected to the platform. [emphasis ours], The payment process is an extremely sensitive area for general contractor and subcontractor relations, and it happens to be the area on which Textura’s CPM solution is focused. After all, a huge majority of its actual user base is comprised of subcontractors. While Textura’s relationship with general contractors may ultimately be too close for the comfort of subcontractors, Textura is trying to change this position, and avoid that result. Accordingly,  CPM’s promotional literature stresses the existence of a  value proposition for subcontractors. It calls to mind Goudy Park Capital’s comment that “if a subcontractor is unhappy, the GC will just go on to the next subcontractor down the line.”. The two main value propositions stated on the CPM website is that subcontractors who use the product will: (i) get paid faster; and (ii) stand out from the crowd. Can You File A Mechanics Lien Without A Preliminary Notice? This functionality addresses a secondary reason why subcontractors have a payment speed problem: the process of getting paid is paper-heavy, clunky, slow, and inefficient. This tool, however, was not created to torment lenders, property owners, and general contractors. •A product name cross reference list mapping Textura product names to the product names displayed in MOS is available in the Textura Welcome Center 10 Textura Product Name Oracle Textura Product Name Construction Payment Management Oracle Textura Payment Management Cloud Service Early Payment Program Oracle Textura Payment Management … The Oracle Textura Payment Management system (TPM) is an internet-based construction invoicing and payment solution. Mitigating risk. Subcontractors understand the model as well – when a GC looks at a new project, about 70-75% of the subcontractors have already used Textura before. Browse Textura Case Studies, Success Stories, Customer Stories & Customer References. 17 Ways a Lien Gets You Paid. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Oracle or Textura. The second alleged value proposition is really interesting because it has an unfortunate “negative” aspect. Is Oracle Textura Payment Management the right Payment Processing solution for your business? Please contact their Customer Support team at 866-TEXTURA or customerservice@texturacorp.com when you need … Watch Textura Customer Videos, Testimonials & Customer References to decide if Textura has the right business software or service … Is Preliminary Notice Required In My State? Subcontractors need more friends on board – but is Textura a friend that can be on their side, or a wolf in sheep’s clothing? This document is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of Textura, nor is it a substitute for the tender offer materials that Oracle and its acquisition subsidiary will file with the SEC upon commencement of the tender offer. Mechanics Lien v. Notice of Intent to Lien: What’s The Difference? And, likewise, subcontractors also have risks, and have their own specific perspective. Now I get paid in 17 days. However, does this value proposition instead infer that those who do not accept Textura’s platform won’t be considered? We assert and believe that the explanation is simple. the number of subcontractors who stop using the platform after becoming a user). Consider the following statement made in an article by one of Textura’s institutional investors, Goudy Park Capital, in response to Citron Research’s criticism of Textura’s stock (see: December 2013 – Wolf of Wall Street and September 2014 – The Fraud at Textura). Everyone agrees with this risk baseline, and mechanics lien and bond claim laws are full of protections for all parties in the contracting chain. Textura Payment Management Enterprise Cloud Service – Per 1M of Net Billings Allowance Part #: B92997 Oracle will provide You with access to the Textura Payment Management System to manage the Project payment process. Please contact their Customer Support team at 866-TEXTURA or customerservice@texturacorp.com when you need … And Textura’s business model counts on buy-in from these parties, who then mandate that subcontractors use, and pay for, the platform in order to get project payments. California 20-day Preliminary Notice Guide, The Ultimate Guide to Lien Waivers in Construction, How To Handle Requesting and Tracking Lien Waivers, Unconditional Lien Waivers vs Conditional Lien Waivers. (Textura Payment Management Help (Australasia)) Read about the new enhancements and features added to TPM with each release. Lien waivers and lien releases are completely different documents (even though they are often confused by the construction industry). Learn how retainage works on different... What does Certified Payroll mean? The cloud solution streamlines and automates processes to accelerate payment… A file was created in Levelset for one customer, but a separate homeowner with the same name was tied to the job. It can mitigate risk, streamline and automate processes, reduce cost and increase cash flow. Oracle Primavera offers a complete suite of cloud solutions for project, cost, time and risk management. Subcontractors are already “kicking and screaming” for payment reform because of these commonplace payment abuses, and the ASA is spending tons of money and resources to fix regulatory leaks nationwide that put subcontractors in financial risk trick-bags. 1. The legislatures created mechanics lien laws to ensure subcontractors are paid. Textura software features are Bid Management, Document Management, Qualification Management, Payment Management… A mechanic’s lien was then filed, and the unrelated customer is understandably upset. When subcontractors are asked to sign a lien waiver they are in a very vulnerable position. What are the Certified Payroll Requirements for Federal Construction Jobs? “I used to think getting paid in 90 days was normal. The mechanics lien remedy may have a lot of baggage. Cautionary Statement Regarding Forward-Looking Statements Every subcontractor on the planet is interested in getting paid faster. In connection with the proposed acquisition, Oracle will commence a tender offer for the outstanding shares of Textura. The motivations for each of these parties are natural and the relationship continues to allow ASA to voice its members’ concerns. If a subcontractor is unhappy, the GC will just go to the next subcontractor down the line. Customer Support: 4 / 5 "I have found the software to be reliable and easy to use. In 2012, for example, American Subcontractor Association members were “grip[ing]” about the product, which general contractors were forcing them to use and pay … It does not change the status quo; subcontractors are still financing the job, they are still shouldering the financial risk, and they still have to do all the work and then wait quite a while before payment comes through the door. "PayPal has very good customer service … 1 DATA SHEET / Oracle Textura Payment Management Cloud Service Oracle Textura Payment Management Cloud Service is a cloud-based collaboration solution th at transforms construction payment management … Since subcontractors are the end users, Textura must give them some thought. General contractors use CPM to request payment … The payment process presents key risks to general contractors, and they have a specific perspective about those risks. By transforming processes, Oracle Textura Payment Management … Since the subcontractor is obliged to use the products, Textura also has significant pricing power as well. Is the lien waiver exchange process becoming more efficient and automated in a good way, or are the efficiencies and automations favoring the paying parties at the risk of the parties waiting to get paid? Given these facts, does Textura spend, or need to spend, product development dollars on subcontractor wishes? Together, Oracle Primavera and Textura will form the Oracle Construction and Engineering Global Business Unit offering a comprehensive cloud-based project control and execution platform that manages all phases of engineering and construction projects. Who is liable for cell tower property owner or tower owner? According to the CPM website, subcontractors can “rise above the crowd and demonstrate that they are reliable, dependable…” by being on-board with Textura’s platform. The ASA’s vision is to be the “united voice dedicated to improving the business environment [for subcontractors] in the construction industry.” In doing that, the ASA advocates against contingent payment clauses, onerous notice and claim provisions, mechanics lien and bond claim restrictions, over-broad lien waivers, and other common actions taken by general contractors, developers, and lenders to shift more risk and more exposure onto subcontractors. , mitigate risk, and improve cash flow stop using the platform after becoming a user ) each turn. Customer Stories & customer References from real Textura customers and partners: Please use your existing contacts for services... Intentions to maximizing leverage and partners: Please use your existing contacts for Client services, services. Are cautioned to not place undue reliance on forward-looking statements, which only. Said, however, the subcontractor must still wait for the keyword typed. 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