{"id":14120,"date":"2018-02-23T15:49:57","date_gmt":"2018-02-23T23:49:57","guid":{"rendered":"https:\/\/vrca.ca\/?p=14120"},"modified":"2018-02-26T16:32:26","modified_gmt":"2018-02-27T00:32:26","slug":"prompt-payment","status":"publish","type":"post","link":"https:\/\/vrca.ca\/blog\/2018\/02\/23\/prompt-payment\/","title":{"rendered":"Prompt Payment and Construction Lien Act Reform"},"content":{"rendered":"
Timely cash flow throughout the construction payment chain is fundamental to a healthy construction industry. Delay in payment anywhere in the supply chain reduces profit, restricts innovation and investment in plant, machinery and people. It also increases the cost to finance company operations and drives up the cost of construction overall. Jurisdictions across Canada are working to improve payment terms and practices at all levels of the supply chain.<\/p>\n
\u201cWe are now at the stage where the BC Construction Industry must act together and quickly\u201d states Dana Taylor of the Mechanical Contractors Association of BC (MCABC). The Vancouver Regional Construction Association (VRCA) and the Council of Construction Trade Associations (COCTA) is inviting stakeholders to meet about Moving Forward with Strategies for Prompt Payment in BC<\/em><\/strong><\/a>. The meetings take place at the VRCA<\/a><\/strong> Training Room on March 6th <\/sup>and 7th<\/sup>, 2018 from 3:00-5:00 pm.<\/p>\n Topics for discussion:<\/p>\n Federally, other provinces have passed legislation and are introducing prompt payment rules on public and private projects. Bill S-224<\/a> has passed in the senate and industry groups are being consulted to provide recommendations to ensure prompt payment on government purchased construction. Ontario’s Bill 142<\/a> has significantly amended the Construction Lien Act. Prompt payment measures are also underway in New Brunswick, Saskatchewan and Alberta.<\/p>\n Delayed compensation throughout the construction payment chain increases risk and chokes economic growth. The impact of payment delays on small and medium-sized enterprises can be disproportionately severe, and even a minor delay in payment of one or two invoices can put smaller businesses under severe financial stress. It’s time to come together, share knowledge, gain support and take action.<\/p>\n","protected":false},"excerpt":{"rendered":" The Time is Now to Champion Prompt Payment for Our Industry Timely cash flow throughout the construction payment chain is fundamental to a healthy construction industry. Delay in payment anywhere in the supply chain reduces profit, restricts innovation and investment in plant, machinery and people. It also increases the cost to finance company operations […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[],"_links":{"self":[{"href":"https:\/\/vrca.ca\/wp-json\/wp\/v2\/posts\/14120"}],"collection":[{"href":"https:\/\/vrca.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vrca.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vrca.ca\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/vrca.ca\/wp-json\/wp\/v2\/comments?post=14120"}],"version-history":[{"count":16,"href":"https:\/\/vrca.ca\/wp-json\/wp\/v2\/posts\/14120\/revisions"}],"predecessor-version":[{"id":14148,"href":"https:\/\/vrca.ca\/wp-json\/wp\/v2\/posts\/14120\/revisions\/14148"}],"wp:attachment":[{"href":"https:\/\/vrca.ca\/wp-json\/wp\/v2\/media?parent=14120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vrca.ca\/wp-json\/wp\/v2\/categories?post=14120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vrca.ca\/wp-json\/wp\/v2\/tags?post=14120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Note: The March 6th<\/sup> session is SOLD OUT. Seating for March 7th<\/sup> is limited and participants are asked to RSVP<\/a> at their earliest convenience.<\/strong><\/h3>\n
\n
Canadian Prompt Payment Initiatives<\/h3>\n
It’s Time to Strategize for Prompt Payment BC<\/h3>\n