Whatever your position is within the construction industry, undoubtedly, you will have experienced the effects of outstanding payments, and understand how important it is to recover your money as soon as possible and invest it back in your business.
ProQS can assist you with that recovery on many levels. We work with you to monitor and collect those outstanding sums. Using our expertise, we contribute to the negotiation process to settle disagreements. We can work with debt collection agencies to expedite their procedures and provide professional advice when required.
Retention, usually 5% of payment held back by the client to cover non-performance issues after completion of the work is common practice in the construction industry. If work is carried out properly, and the certifier and client follow up on schedule, the risk is managed. However, collection of outstanding retention releases is not always a contractor’s priority, but when you work on many contracts, this can have a significant impact on your business.
It is important to include a payment schedule and provisions for payment in any construction contract to protect both parties from disagreements. ProQS can establish the conditions of a contract and ensure that your interests are safeguarded. We can also highlight any late payments and put recovery systems into place before they become an issue and cause significant impact on your cashflow.
Project Valuation Disputes
Differences in opinion on the value of work and the progress to date can cause long delays in payments. By employing the services of a Quantity Surveyor, you can reduce the risk of this happening, and receive support and advice to resolve disagreements before they escalate into disputes as well as collect outstanding monies.
Claims for Additional Money
Extra work carried out, before or after valuations are agreed, delays in billing and poor record-keeping evidencing instructions and quotes all add up to you being out of pocket, sometimes for protracted periods. ProQS can help you to keep on top these things and boost your revenue as a result.