Specialty contractors are expected to manage many forms of risk; some of which is inherent to the trade. Other forms of risk, such as payment practices that result in carrying the cost of capital for 30-60-90 days, have a significant impact on your ability to remain financially solid and/or acquire new work. This presentation quantifies the impact of slow payment and identifies mitigation strategies to address inequitable payment practices and protect the interests of specialty contractors.
This program is based on the research report Addressing Inequitable Payment Practices funded by ELECTRI International.
Following this course, participants will be able to:
• Explain quantification of the impact of inequitable payment practices
• List specific, tangible things specialty contractors can do to improve payment cycles
• Discuss the theory of surrounding contract language and enforceability
• Negotiate points with general contractors and owners
• Identify legislative talking points