Strategies Addressing Payment Delays in Construction Industry

Construction is said to be one of the major contributors to Ghanäs economy therefore making payment the central focus for both the contractor and the client. It is for this reason that understanding the subjects of payments becomes crucial to both of them. Nevertheless, delayed payments causes severe cash flow problems especially to contractors resulting in the lock up of capital that is supplied from the company¿s cash reserved or loans with high interest rate and also result in high rate of unemployment as a result of many construction contractors going on liquidation or bankruptcy. This book sought to identify the effects, existing strategies and explore innovative strategies to mitigate the effects of delayed payments.