UK Construction Act overview: take control of subcontractor payments
The UK Construction Act Begins to Bite
The provisions set out in the new, tougher UK Construction Act place effective management of subcontractor payments at the top of contractor priorities. The payment provisions in the UK Construction Act have been designed to impose structure, clear timelines and defined areas of responsibility into what is one of the most contentious parts of the contractor – subcontractor relationship. The Act covers the likes of contractor-subcontractor payment, preventing ‘paid when paid’ mentality, along with the timely Pay Less Notice.
Contractors need to understand how these new requirements will impact across the various functions and roles within their business and what steps they need to take to implement the processes required to satisfy them, ensuring favourable outcomes for the business..
Working towards compliance with this new payment process for subcontractors will undoubtedly mean additional time and financial overheads for contractors. But it also represents an opportunity to build better relationships with subcontractors and improve overall financial planning within the business.
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