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
May 4th Prompt Payment Update | May 4, 2023
Prompt Payment Legislation Needed for Province’s Construction Industry: BCCA Survey | April 17, 2023
Prompt Payment Legislation Across North America and the UK | April 15, 2023
Prompt Payment Included in 2023 Report from the Select Standing Committee on Finance | August 11, 2022
BC Government Takes Action Toward Prompt Payment Legislation, Establishes Industry Working Group as Next Step | January 24, 2022
Ontario Dispute Adjudication for Construction Contracts (ODACC) | December 17, 2021
Prompt Payment Included in ‘Report on the Budget 2022 Consultation’ | November 17, 2021
BC Prompt Payment Laws Could be Closer than you Think | November 15, 2021
Prompt Payment Moving Forward in BC | November 9, 2021
Prompt Payment Update from the Province of Saskatchewan | October 20, 2021
BC Prompt Payment Laws Could be Closer than you Think - November 15, 2021 -
Prompt Payment Update from the Province of Saskatchewan - October 20, 2021 -