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.
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Tag: payment terms
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.