The Improved Construction Practices Committee (ICPC) is a standing committee of the National Association of Credit Management. The committee presently consists of 28 members who are committed to its purpose and function to study and attempt to improve credit and financial practices in the construction industry and laws governing such practices. Committee members make reasonable and proper attempts to resolve questions of interrelated and interdependent requirements practically and equitably.
Efforts toward these goals are made through articles in Business Credit and through bulletins and newsletters addressed to NACM affiliated associations and membership. When occasion demands, we make recommendations to the NACM Board of Directors on credit legislation affecting the construction industry. The committee also maintains a continuing program to establish state-level construction industry practices committees and credit groups.
We meet quarterly in conjunction with the National Association of Construction Credit Managers. Contributing to the membership are liaisons from the American Insurance Association, American Sub-contractors Association, the Surety Association of America, the NACM Board, and the Contractors Consulting Service.
Three primary sub-committees exist: State Legislation, Federal Legislation, and Special Committees. Committees reporting to State Legislation are Judicial Decisions, State Legislative Review, and State ICPC Committees. Those reporting to the Federal Legislation Committee are Bankruptcy, Miller Act, Prompt Pay Act, Direct Pay, and New Regulations. The Special Committees consist of Credit Education, Pennsylvania Effort, Publicity, Resolutions, and Membership.
Making a Difference Locally
Keeping abreast of legislation in each state that affects both residential and commercial construction is the goal of the State Legislation Committee. Because each member monitors assigned states, we are in an excellent position to ascertain the status of proposed bills and react swiftly. As an additional source of information, we are establishing ICPC committees in each state, composed of NACM members interested in legislation that may affect their business. These members, if and when the need arises, would testify in support or opposition of bills the national ICPC feels are in the best interest of those we represent.
The Judicial Decisions Committee tracks court cases of interest. Some recent decisions regarding personal guarantees, preference payments, loss of lien rights, and pre-notices found to be unconstitutional, have had a tremendous impact on credit extension and collection policies. …