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It has never been more important for construction businesses at all levels of the supply chain to know how they can improve and maximise their cash flow. It is therefore critical that they understand their obligations and entitlements to payment under the law as well as under the contract.
But knowing your entitlement is not enough – you must also know how you can enforce these entitlements as quickly as possible before payment problems become a very serious problem.
Construction contracts often include payment terms that do not comply with the relevant legislation. Payment terms for construction contracts are governed by the Housing Grants, Construction and Regeneration Act 1996, amended by the Local Democracy, Economic Development and Construction Act 2009 (collectively referred to as “Construction Act”).
It is especially critical for any employer to be aware of these provisions when drafting payment terms as being in breach of them can have unforeseen and sometimes very serious consequences. It is critical for contractors to be aware of the meaning of terms like “due date” and what this means in the context of payment applications, payment notices and the “final date for payment”. We see confusion arising in these terms all the time.
In this webinar, we will explore all of the above and provide some tips on how you can avoid falling into any traps.
Whilst knowing your payment terms is an obvious step to ensuring timely payment, what else can businesses do to help themselves from the outset? What more can be done to ensure employers honour their end of the bargain?
In this part of the webinar, we will discuss some basic due diligence checks that contractors can implement, helping to avoid some obvious bear traps when considering whether or not to enter into contract with a potential employer. We will also explore the typical remedies that are available to contractors and sub-contractors in different standard form contracts as well remedies available under current legislation to ensure payment. These include (amongst others) notices of suspension (when they can and cannot be used), termination and adjudication.