UK Construction Act overview: take control of subcontractor payments

Following the success of this year’s roundtable event co-hosted by Open ECX and Optal on 16th March at Mastercard’s Canary Wharf offices, we have published a White Paper titled ‘Construction Industry Payments – Challenges and Innovations’.

The White Paper explores a number of payment-related issues and challenges – and potential solutions – that were discussed by senior commercial and financial professionals from leading construction businesses, including Kier Group, Lakehouse Contracts, SISK Group and United Living.

Here is a selection of some issues and challenges discussed at the event:

  • What are the key challenges around construction payments?
  • Are there gaps in your payment process cycle? If so where, and what issues do these cause?
  • How do the challenges impact on your business’ relationship with your subcontractors?
  • What information is not clear or easily visible as part of your current payment process?
  • Does the current legislation help? Where does it fall short?
  • Do you sometimes struggle to comply with current legislation? In what ways? How often?