Construction contracting businesses have the second-highest bankruptcy rate of any type of private business. Things could be going great, but one unpaid change order, a late payment, a costly rework, or an unanticipated legal claim has the potential to derail your progress and leave you grasping for the remains of your company.
The introduction of the Construction Industry Payment and Adjudication Act 2012 (“CIPA Act” or “Act”) represents a significant development in the construction industry. It is hoped by the government and the stakeholders of the construction industry that improvements to cash flow and payment disputes within the construction industry will result in fewer delays and abandoned projects, as well as better quality properties and more affordable prices. ( by Raymond Mah)