Prompt payment for construction work 'important'
Construction
24th April 2009
As subcontractors work to very tight margins, it is vital that they are promptly paid for completed work, it has been claimed.
Greg Pitcher, deputy news editor of Construction News, said that making sure invoices are paid on time is one of the biggest issues confronting small firms in the construction sector.
"[Firms] need to be paid for one job that they've done before so they can move on to the next one, otherwise they will be laying people off," he commented.
Recently, research by the Construction Products Association found that the sector began the year with the sharpest drop in output for almost 30 years.
Meanwhile, this month's State of Trade survey from the Federation of Master Builders reported that 65 per cent of companies experienced a drop in workload in the first three months of the year and 57 per cent had a negative outlook for the industry.
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