The Edge Consult team is always on hand to support construction businesses when payment issues arise. Money issues can often be stressful and time-consuming, but with the right knowledge and support, can be rectified in a timely manner. Below is a case study of a client who the Edge team helped to reclaim a large sum of money that was owed to them.
The Issue:
Our client, a local sub-contractor, was owed circa. £140,000 by a regional main contractor on an order of circa. £900,000.
How did Edge Consult help:
Edge helped the sub-contractor prepare a final account. This included a level of detail such that if no agreement were reached, an adjudication could be readily prepared. Following the presentation of its account, the parties reached an impasse with circa. £140,000 difference still between them. The main contractor refused to enter into any further dialogue with our client. Therefore Edge Consult was instructed to draft a Referral and to commence an adjudication.
Results:
The Notice of Adjudication prompted the contractor to hastily re-start dialogue with the sub-contractor. An initial further payment was agreed, and shortly afterward a conclusion of the account was reached. The adjudication was stopped before an adjudicator had even been appointed!
The important point here is to plan for the ‘What if’ scenario. The question put to the sub-contractor by Edge Consult before it submitted its final account was ‘What if’ you don’t reach an agreement with the Contractor. The advice from the Edge Consult team was to think longer-term and prepare for the next stage with a robust and fully supported account.
Contact the team if you are finding yourself in a similar situation,
we are here to help.