The Risky Business of Non-Payments in Construction
Construction jobs bring inherent risks, such as safety issues. Employers are also at risk when payments don’t come in on time, or at all. If your Accounts Receivables department needs some fine-tuning, you’ll want to read—and share—this post. “Scope of work issues, inspection problems, change order dispute, pay when paid or pay if paid clauses in contracts, and some of the highest failure rates of any market all play a part in non-payments, states a post on FundingGates.com. Several solutions are recommended, including collections, contractual language and automated technology to manage security and lien rights.
