The issue of dealing with late payments for goods and services is a problem for all, however, there are some practical tips that can help give a business an advantage should it find itself in this position. Firstly, as a business owner, you should know who you are contracting with and how that business is performing. A simple credit check can reveal weaknesses. Secondly, is there a written contract in place andarethe payment terms fair? If the contract is a construction contract caught by the Housing Grants Construction and Regeneration Act 1996, you will benefit from rights and remedies designed to encourage prompt, regular and reasonable interim payments.
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