Delayed payments have been a significant concern for the construction industry. Both bespoke and standard forms of construction contracts have laid down guidance on the path to be taken when payment is delayed. However, even with those measures in place, the challenge remains. When a project owner fails to pay the main contractor in time, … Read more
Payment delays or slow payment processing is a problem that the construction industry has been facing for a long time now. According to Levelset’s National Construction Payment Report published in 2020, 48% of businesses wait for more than 30 days from the day of invoicing to receive payments. Further, a similar report published in 2019 … Read more
The slow payment process is a problem that we have to deal with in the construction industry. As a contractor or sub-contractor, you aim to complete a project within budget, and on time and make profits. If payments are delayed, that is going to affect your cash flows and the ultimate success of the project. … Read more
Construction cash flow management is crucial for both the contracting and consulting sides of the construction business. Every construction business needs cash to pay for their employee expenses, source construction materials, and support the proper management of their projects. To ensure proper construction cash flow management, the following strategies can be adopted: