Cashflow is King. Yet getting paid is a perennial problem across all projects, sectors and countries. But do you know how bad it really is? Global data According to the IACCM 2015 Report Payment Terms: Do Large Companies Abuse their Power?: 51% companies find that negotiating payment terms is becoming
The classic smash and grab adjudication is where the employer fails to serve a payment or pay less notice against a contractors application for payment. It relies on s111(1) of the Construction Act 1996: Subject as follows, where a payment is provided for by a construction contract, the payer must
5 years ago I wrote a post about whether you could trust an employer with your retention. In the light of Carillion’s pending/actual insolvency* (delete according to when you read this), I wanted to clarify the legal position on retention. For simplicity the employer refers to the paying party –
Getting paid is a perennial problem in construction. The Construction Acts 1996 and 2009 were meant to help. They were meant to prevent employers and main contractors withholding monies due without any/good reasons. But do they? The evidence In 2018, the Federation of Master Builders lambasted employers and main contractors
If you want to get paid on time, without deductions, then you need to take a strategic approach during all three key stages of contract inception, contract creation and contract operation. Plan for it Before you agree to enter into a contract with a client, you should check out whether
In 2013, you couldn’t fail to be aware of the debate going on in the media as a result of the announcement from Carillion that it was going to extend its payment terms for subcontractors to 120 days. Buy why does it matter so much? Cashflow is king As far
© 2021 500 Words Ltd. All rights reserved
500 Words Ltd (8893252) r/o Ash Cottage, Hawthorn Lane, Wilmslow SK9 5DG