Today’s video is about The Dangers of Time Bars in Construction, watch the video by clicking here or continue with this quick read.
If you’re a SUBCONTRACTOR here’s some advice that’s INVALUABLE.
Construction is a business, and therefore you have to understand how this business works.
You can’t just do a good job… you have to understand how to make money and GET PAID.
It’s YOUR JOB to ALSO MANAGE THE FINANCIAL SIDE.
One aspect of this is TIME BARS.
TIME BARS ARE CRUCIAL.
Time bars were introduced to protect the client from contractors and subcontractors submitting all their claims at the end of a project.
Submitting claims at the end creates a NIGHTMARE FOR BUDGETING and Controlling the TIME FRAME of the Project.
TIP: ALWAYS SUBMIT NOTICES…
The client WANTS this Information so that they can accurately predict and forecast what’s going to happen for the duration of the project. Without this information, they don’t know how much money they have to pay at the end or whether a project is on schedule.
HOWEVER…
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The flip side is that this is ALSO A CONTRACTUAL TOOL THEY CAN USE NOT TO PAY YOU.
What happens all the time is when subcontractors don’t submit notices, delays, variations, etc. they are hit with contractual penalties.
There is a misconception that being contractual and submitting notices makes subcontractors difficult.
LOUDER FOR THOSE AT THE BACK… 📣
ALWAYS… ALWAYS… ALWAYS SUBMIT NOTICES. Don’t think that being contractual makes you difficult… it makes you professional and on the ball.
We want you to be the MOST SUCCESSFUL you can possibly be. That’s why we put together content with tips and advice that is tried and tested.
For more contractual advice, Quantum Contract Solutions is here to guide and assist you through everything contract related. Let’s reduce risk in your contracts and save time and money, just click this link to get our FREE case study to show you how clients just like you are doing it.
