Standard Payment Terms For Subcontractors In the Construction Industry
As cashflows get tighter I currently have a disagreement over what payment terms are the industry standard for progress payments within the construction industry.
Terms are normally specified in the contract however what are fair terms? The main contractor will obviously try and suit themselves as to how late thay can pay.
My understanding however is that standard payment terms would be 30 days from the date of application for payment, stretching to 45 days being the latest date that the contractor can pay.
It is also my experience that Contractors regularly ignore the due dates and stretch credit to breaking point for a lot of small subcontractors.
I would be interested in anyone else's experience of getting paid and what the industry norm is for sub-contract work.
In particular is there anyone out there lucky enough to get paid within 7 days from the date of application or is that just fantasy land?
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