How to get paid on time

By Chris Adams 2019-05-31T13:35:00

A guide to help small firms avoid bad debts by taking preventative steps

The construction industry has a reputation for relationships built on handshakes and trust rather than on formal documentation. This can create real problems when it comes to securing payment. Small contractors and specialist subcontractors can find themselves at the mercy of larger businesses that fail to pay on time and sometimes do not pay at all.

The Federation of Small Businesses estimates that 50,000 companies a year are forced to close down as a consequence of big businesses delaying payments to them, with listed companies often the worst culprits.

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