Tag: payment
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What Contractors Need to Know About Prompt Payment Statutes in Construction
Prompt payment statutes are laws enacted at the federal and state levels that set specific deadlines for payment and limit the amount of retention that can be withheld on construction projects. These statutes can apply to both public and private construction work, depending on the jurisdiction, and are designed to ensure that contractors, subcontractors and…
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Five things construction firms need to know about the new Fair Payment Code
Many construction firms were signatories to the PPC, but most had signed up when bidding for contracts and forgotten about the commitment they had made. Many were not engaging with the PPC, the person who had championed joining the PPC had moved on, there was no ownership, and firms were no longer complying. View the…
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On WhatsApp contracts and the validity of payment applications
The Court held that the informal WhatsApp conversation constituted formal acceptance of Fincham’s quotation, forming an agreement. As this was a commercial transaction, the intention to create legal relations was presumed, thus confirming that a formal contract had been formed. View the original article and our Inspiration here
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Ending Payment Delays in the Construction Industry
Every day, construction companies across the United States lose nearly $767 million due to payment delays and inefficiencies. This staggering drain on the industry totaled $280 billion in 2024 alone — enough to build 14 Empire State Buildings. For an industry already grappling with thin margins and rising costs, these payment delays aren’t just numbers on a…
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American Express is connecting contractors to Billd’s extended payment terms for materials purchases
The business world has undergone a rapid digital transformation in recent years and industries with complex, traditionally analog operational processes – like the construction industry – stand to benefit. Construction businesses have a lot to juggle, including unpredictable pay cycles, which can be exacerbated by complicated on-the-ground operations and incongruent payment terms. Manual payment processes…