Construction Payment Mechanisms and Cycles
“We’re a Property Development company looking to understand best-practice commercial management techniques. Traditionally we procure a single Main Contractor but we’re considering alternative routes where we also work with Subcontractors directly and ‘construction manage’.
We therefore want to focus and improve our knowledge on the management of payments to our supply chain.”
We put together this scenario to Watson Farley & Williams, an international law firm advising on complex transactions and disputes, along with a series of questions regarding the Payment Mechanisms and Cycles.
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What’s in this book?
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Could you provide a timeline for the monthly payment procedure on four standard forms of contract?
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Does The Act have standard monthly payment procedure?
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The Due Date is not the date that payment has to be made, therefore what is the purpose of the Due Date?