Getting Paid - 5 Easy Steps
- Slide 1
Insist on 30-Day Payment Terms
Payment within 30 days is a contractual requirement on central Government contracts and a number of other clients such as Crossrail and Network Rail are increasingly insisting on payment within 30 days.
payment terms in
To ensure you get paid on time, it is essential to agree clear payment terms in your contract.
Say 'No' to Cash Retention
The No Retention Policy advocated by the Fair Payment Campaign is designed to eliminate cash retentions within the construction industry.
Implement an Effective Payment Process
Give yourself the best chance of getting paid on time by making sure your house is in order. Establish an internal mechanism that will enable you to keep on top of the payment process for each contract.
Don't accept late payment
Whilst many clients will be perfectly reasonable when it comes to paying you, there will be some that reduce, delay and withhold payments wherever they can. Don’t accept this.