Cash Collection in the Construction Sector during COVID-19

posted by KeithDaniel

As the restrictions imposed in response to the COVID-19 pandemic impact on construction sites across the country, an ever increasing number of contractors are taking the decision to cease construction work temporarily.

As a result, the construction team at Berry Smith are receiving a high volume of enquiries from contractors and sub-contractors seeking to unlock cash from construction contracts and retentions in these uncertain times.

We are successfully working with contractors to:

  • Review contractual payment mechanisms and the options available to claim payment from employers for works undertaken to date.
  • Identify strategies to obtain payment for works which may otherwise be contingent on milestone or stage progression.
  • Maximize claims for contract and additional works and prolongation by perfecting the evidential position before any claim is submitted.
  • Review outstanding retentions and identify a cost effective strategy for achieving payment.

Although construction sites may be on stop, there is no need for cash collection to be.   

If you require advice on how you can maximise cash collection from existing contracts and retentions during the ongoing pandemic, please contact Gavin Hoccom on 029 2034 5511 or by e-mail at: ghoccom@berrysmith.com