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,The National Trade Contractors Coalition of Canada (NTCCC) conducted a Prompt Payment Summit to allow members to highlight progress that has been made at the provincial level and focused on strategies to engage other concerned stakeholders who operate regionally and at the federal level.
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 thecomments section! For more information on FIELDBOSS, please visit www.fieldboss.com. If you would like to schedule a personalized demo please contact Jonathan Taub at 416.644.1458 x221 or email@example.com.