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Confederation Comment -Don’t give an excuse not to pay – understand and use your construction contracts

 

 

Don’t give an excuse not to pay – understand and use your construction contracts

August 2017 

Yet another survey that identifies that subcontractors are being poorly treated and are suffering with late and reduced payments.  

The latest Construction News survey; ‘Late Payment: The state of the construction Industry’ concluded that respondents to the survey indicated that 25% of payments are not made on time with 40% of respondents stating that their payment terms exceeded 40 days. In addition, only 55% of respondents from tier one contractors indicated that they pay in accordance with their contractual terms, with 25% of Main Contractors and 20% of subcontractors’ respondents indicating that contractual disagreements affect prompt payment.

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