5 Key Benefits of Using Performance Bonds Over Retention Payments If you’ve ever worked on a construction project, you know the frustration that comes with retention payments. They can leave you waiting for months for money that’s rightfully yours. And even worse, there’s no guarantee you’ll ever see that money if something goes wrong. It’s…
How to Ensure Subcontractor Accountability With Performance Bonds In construction, problems with subcontractors rarely arrive with plenty of warning. A missed milestone, reduced labour on site or delayed materials can quickly turn into a much larger commercial problem. There’s nothing more gut-wrenching than watching a project slip further behind because someone didn’t do their part,…
Why Performance Bonds Are a Game-Changer for the Construction Industry Post-Retention Ban Managing a construction project is never without its challenges, but the removal of retention payments has made it harder than ever to protect against contractor defaults and delays. Many project owners are now left feeling vulnerable and unsure of how to safeguard their…
Comparing Performance Bonds to Retention Payments: What is the Difference? As a contractor, you know that retention payments are necessary, but they’re also a headache. Your funds are locked up for months, causing cash flow problems and limiting your ability to invest in new projects. But what if there was a way to secure your…
King’s Speech sets out plans for Remediation Bill, social housing delivery and leasehold reform The King’s Speech has set out plans for the government to introduce a Remediation Bill to accelerate the repair work on high-risk buildings with unsafe cladding. As part of the state opening of Parliament, the King announced the Remediation Bill, which…