Getting Payment For Building Companies

Is there anything I can do? Here’s a guide to getting payment for building companies!

It is a common problem in business that you’re so busy doing the work that you can’t keep on top of making sure you get paid.

Firstly, make sure you are satisfied that your client can actually afford what they want done. If they can’t, it’s better to find out before you do any work than halfway through. Always get money for materials in advance. At least that way you only have your own overheads to worry about.

Make sure you agree stage payments rather than waiting until the end of the project. If your client is funding the build with a loan, see if you can agree that the lender pays you directly. That should avoid the common problem where the client gets the money for your invoice from the bank but doesn’t pass it on.

Ensure that you or someone you trust takes the time to go through the books on a regular basis to make sure that all the payments are being received as agreed and take action quickly if they are not. An early phone call can be much more effective and cheaper than legal proceedings later on. Make sure that your contract provides for interest on late payment at a rate that actually covers your losses and also allows you to withdraw from site if payments aren’t made.