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:
There are three universally recognised types of sub-contractors in the construction industry. These are domestic subcontractors, nominated subcontractors and named subcontractors. However, there exists a thin distinguishing line between the named and the nominated sub-contractor. We will be looking at them in more detail in this article. A developer intending to put up a building … Read more
An NCA site compliance certificate is a legal document that is issued to a construction site that was inspected and found to be compliant with the National Construction Authority (NCA) regulations. The National Construction Authority is a state organisation that was established by an act of parliament, No. 41 of 2011. Among other roles, the … Read more
Construction regulatory bodies fall into four different categories. These categories come up as a result of the multidisciplinary and disjointed nature of the construction industry. There are those regulating the professionals and consultants, contractors and sub-contractors, the quality of materials and workmanship, and those regulating aspects of building design, including approval of developments. Regulation is … Read more
Construction project stakeholders are the various parties that come together to either actively or passively execute a construction project. We are using this term in this article to refer to any person or organization that participates in the success of a construction project. If you are looking into building your own house or a commercial … Read more