Anyone who has successfully won an RFP knows that getting paid can be tricky depending on who your customer is, and what their business practices are like. In Canada, trade contractors perform more than 80% of all construction work and they routinely receive late payments from general contractor – which has resulted in cash flow problems that discourage hiring, investments in capital, and in some cases causes bankruptcy.
Recently,
In the United States, 49 of the 50 states have adopted a prompt payment legislation and globally, the United Kingdom, Ireland, Australia and New Zealand have also enacted similar laws. Most recently, the European Union has adopted a Prompt Payment directive which all of its member states are required to translate into domestic law. Canada needs to follow suit.
FIELDBOSS pledges to support the efforts of the NTCCC and would like to see this legislation happen as quickly as possible. What are your thoughts on the Prompt Payment Directive? We would love to hear from you. Weigh in on the
by FieldBoss