We’re all familiar with the process; given that Developers have practically zero visibility or control over how project funds are distributed once released to their Builder, they will ask that a statutory declaration or ‘stat dec’ be submitted with any request for payment. Can you really trust a ‘stat dec’? Whilst the logic behind the […]
You can insure yourself against many risks when it comes to property development, but builder insolvency is not one of them. Nevertheless, smart developers are always taking steps to reduce their exposure, exclusively engaging builders with a proven track record and conducting detailed financial due diligence checks before awarding the contract. Yet despite such scrutiny, […]
The construction process entails different stages, regardless of the type of project. Construction firms need to keep their whole supply chain in check, in which their cash flow is pivotal to a project’s success. Spending money for project-related expenses is no joke; many contractors don’t get paid until the job is complete. This is where […]
Today, the Building Industry Fairness (Security of Payment) Act 2017 (BIF Act) ensures those in the building and construction industry get paid in full. It also helps eliminate delays that can be costly and stops contractors and principals from holding up or reducing payments owed. Depending on the time, size, and complexity of a construction […]
