Lack of prompt payment is one of the most significant issues in the construction sector. When contractors don’t get paid on time, it places a financial burden on small businesses and blocks cash flow in the economy. The estimated cost in BC’s construction sector is $4 Billion, mostly due to risk premiums, interest charges, and legal fees. This doesn’t include the cost of shuttered business and other losses.
Solving the prompt payment challenge in BC will release millions of dollars into the economy and improve cash flow for everyday British Columbians across our province. In particular, it will help small contractors (the backbone of our industry) to pay their staff and their bills and manage their business without taking on extra debt and financial expenses. When contractors can’t rely on payments, they can’t invest in training or innovation.
At BCCA, we’re working with industry stakeholders to urge the provincial government to introduce legislation immediately.
Updates & Statements
BCCA launches a new podcast series called Inside Construction. | April 1, 2021
Letters to the Vancouver Sun: Legislate Prompt Payments for the Construction Industry | December 22, 2020
BCCA President, Chris Atchison Presents to the Select Standing Committee on Finance re: Prompt Payment | June 4, 2020
BCCA Recommendation Included in BC’s 2020 Budget | August 7, 2019
Prompt Payment Arrives in Saskatchewan | May 2, 2019
Saskatchewan Proposes New Prompt Payment Legislation | November 20, 2018
Attorney General’s Office to Undertake Prompt Payment Consultation | October 15, 2018