Bill 30 isn’t just about compliance—it’s about redefining how projects are financed and disputes are resolved.
Tag: payment terms
Best Practices – Managing Payments for Off-Site Construction
Managing payments in construction can be challenging, especially when dealing with off-site construction techniques like modular construction. Recently, I came across an insightful article on Lexology suggesting that developers or owners might need to pay for prefabricated modules before their delivery to the job site. While I certainly understand why this may be necessary, I…
Industry Watch – How New Zealand is modifying it’s laws to protect subcontractors
In an article published by Mirage.news we learn of an Amendment to New Zealand’s Construction Contracts Acts of 2002. The Act which was initially enacted to prohibit conditional payment terms in construction contracts, has now been amendment to require retention to be held in trusts. A Global Movement The move by the government of New…
Industry Watch – Payment Terms – Why Extended Payment Terms Could be Bad for Your Company and How They Hurt the Construction Industry.
Extending payment terms is not without consequence and we must be informed on these risks in order to make a sound decision.
Industry Watch – Late Payments – How the Construction Industry is Working to Mitigate the Impact of Late Payments and What Owners Need to be Leery of.
The problem has been building for a long time and it all came to a head in January 2018 when the second largest construction company in the UK (Carillion) went bankrupt.
Best Practices – Retainage – How Contractors are Avoiding Retainage and How it Hurts Owners.
This had the net effect of holding back the Contractor’s entire fee as a guarantee that they would complete the work.