Cashflow is the lifeblood of any business but it can be especially difficult for smaller contractors and builders when they receive late payments.


The National Specialist Contractors Council and Federation of Master Builders have joined forces to conduct a widescale survey, looking at payment practices in the industry.


The Construction Supply Chain Payment Charter was signed earlier this year and pledges a firm to a 30 day payment term from January 2018 on both public and private sector work and 60 day payment terms with immediate effect.


Contractors have so far been displeased that only two of the UK’s main contractors, Long O’Rouke and Skanska, as well as some of the nation’s house builders, but there’s no doubt the uptake has been a lot slower than the government had hoped for.


The findings from this survey will be used by the industry to continue to put pressure on all political parties ahead of next year’s general election.


Of the survey, which is open until 17 October, NSCC Chief Executive Suzannah Nichol said: “We are coming out of recession and it is an ideal opportunity to take a snapshot of where the industry sits in terms of late payment.


“Anecdotally we are seeing a lot more of the industry’s major clients shifting to 30-day payment at present.”

 

Click for payment survey