The 'must know' guide to construction contract principles
04/06/13 - This 1 DAY COURSE will consider the principles of contract law in practice and their application to construction contracts and administration.Read More
London / Epping OfficeTel: 0845 345 1244
Fax: 0845 345 1039
Cardiff OfficeTel: 02920 474 570
Fax: 02920 474 575
259-269 Old Marylebone Road,
Debt Recovery for the Construction Industry - Recovery of Retentions
Silver Shemmings specialises in debt recovery for the construction industry. No one can have failed to notice that debt issues are hitting the headlines again. Personal bankruptcy is on the up and the number of failing companies is rapidly increasing. Now is the time to tighten up on credit control procedures and to chase those outstanding invoices and debts.
One issue which is often put to one side is the question of retention, or whether the non repayment of retention. Because retention is to be repaid long after work has been finished on site, many Sub-Contractors forget that they are payments due. Retention is usually due half on Practical Completion and the remainder one year later after the Defects Liability period has expired. However, many Sub-Contractors do not even know when Practical Completion was especially if they were on site early and often the Main Contractor may conveniently forget to tell them.
We recognise that no claim is never straightforward in the construction field but if you send us a copy of the outstanding invoices, a copy of your terms and conditions, a copy of the contract and any relevant correspondence we can review these quickly and then advise you on the best way forward.
We often find that a letter from a Solicitor giving seven days to pay is effective, but failing that, there are various steps that can be taken dependant on the type of contract and the amount outstanding. These steps can include Adjudication, Arbitration, Litigation through the Courts, and the Issue of a Statutory Demand if the debt is undisputed and over £750, or even the issue of a Winding Up Petition.
For more information and initial advice please contact us on:
Sarah Shemmings or Richard Silver
Tel.: 0845 345 1244
Robert Shawyer – Cardiff
Tel.: 02920 474 570
Don’t forget that you can also make initial contact through our free helpline 08455 1 92 92 1