Prompt payment legislation: B.C. construction industry wants assurances that public sector projects will be included
AI Article Summary
The B.C. construction industry is seeking assurances from the government that the new prompt payment legislation will include public sector projects. Industry leaders have voiced concerns that excluding these could undermine the legislation's intent, as was seen in Alberta's initial legislative rollout. The legislation requires payments within 28 days of invoice submission, but details and regulations are still being developed. Industry figures argue for uniform application across all sectors to ensure fairness.
What This Means for Canadian Contractors
This legislation shows how critical it is for payment certainty across all sectors, impacting cash flow and project viability for contractors. For Canadian builders, this means that if implemented effectively, reduced payment delays may enhance financial stability and planning. However, without inclusion of public sector projects, major components of construction work may still face payment uncertainties.
