Proactively manage risk and standardize processes for handling prompt payment by using Onware’s Contract Administration software
To address cash flow issues experienced in the construction industry, provinces across Canada are legislating prompt payment. This includes:
- Enforcement of a schedule for progress payments on construction contracts. In addition, limit on alternative payment schedules.
- Mandatory payments within specified days from delivery of an invoice, unless there are disputes.
- Disputed amounts require non-payment notice. However, payment is required to undisputed amounts.
- Disputes will be through special adjudicators for quick resolution
For a summary of prompt payment initiatives across Canada, see posts from Canadian business law firms, Osler and Miller Thomson.
Onware’s Collaborative Contract Administration Software is a sure-fire way to minimize organizational risk of project delays and cost overruns. Furthermore, it helps with standardized processes and automated tracking, as well as self-management of important milestones, like identifying dates for payments and payment notices. Therefore, ensuring project stakeholders satisfy obligations to prompt payment legislation.
Onware’s software incorporates industry best practices and standards, as well as CCDC practices and principles. With proven automated tracking, reporting and auditing, Onware bolsters risk allocation for every construction project stakeholder group.
Interested in how Onware can improve your organization’s contract administration? Connect with us.
Call and speak to one of our Contract Administration software experts, and we will answer any questions you may have about our construction Contract Administration software.
With over 15 years of experience in developing software for the construction industry, Onware provides powerful reporting to create, manage, and distribute construction project documents.
Specifically designed for AECO (Architectural, Engineering, Construction, and Operations) stakeholders, Onware’s cloud based, Collaborative Contract Administration software ensures your project’s Contract Administration runs smoothly for any construction project. Read our webpage for more information.
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