LATE PAYMENT TO SUBCONTRACTORS

Wouldn't life be simple if you did the work, sent in your application and received your payment in full and on time? You can't write out and get signed cheques from your client, but you can take steps to make it more likely that you will be paid the right amount of money at the right time.

On a recent holiday in the sun, I met Phil, who had built and owned the entire holiday complex of apartments and villas. He said he moved out in the 1970s because he was fed up with being a builder in England and being paid late. It has happened for a long time, but it doesn't have to happen to you!

late payment to subcontractor For your business, making sure you get paid on time will mean you can manage your cashflow, reduce your overdraft and get bigger discounts because you can pay your suppliers on time.

WHAT CAN I DO TO GET PAID ON TIME?

Know the dates your payments are due and make your client aware that you know.
Make sure that all applications are in on time and comply with the contract.
Contact your client before the cheque is due to make certain it is ready on the correct date.
Make sure that your client knows that if payment is late, you will suspend your works in accordance with your contract.

Suspending the works is a powerful incentive to your client to put you at the top of the list when it comes to making payment. Used properly, it is your best solution to prevent late payment.

Get in touch if you'd like to discuss how we can help you manage your cashflow better, reduce your overdraft and allow you to get bigger discounts because you pay your suppliers on time:

Send us an email with a brief summary of your situation and we'll get back to you as soon as possible.

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