RETENTION DEBT COLLECTION - NO COLLECT NO FEE
Glenwood are highly skilled and experienced when collecting retention payments. Since formation we have successfully recovered in excess of £1,000,000 of retention across various scenarios. Collecting retentions on JCT Design & Build Contracts to retentions owed by the UK main contractors. At any one time we are managing £250,000 of retention monies due. Our Account Directors are familiar with Construction Act legislation for retention under the old scheme pre 1st October 2011 where claims are dependent on issue of the Making Good Defects Certificate and post 1st October 2011 for the new scheme. In the new retention scheme release has be de-linked from the main contract and a specific retention release date must be stipulated.
Retention is often loved by the paying contractor or employer because it works wonders for their cashflow. However it is universally hated by sub-contractors for 3 reasons
- Retention decimates cash flow – often 2.5% of the turnover of a project is held by the main contractor for a year or more post completion of the project. In a recent Construction News survey, subcontractors confirmed that one third of retention’s held were overdue for release
- Retention increases the likelihood of monies being lost as a result of main contractor insolvency
- Retention is an administrative nightmare – problems include keeping records on outstanding retention, chasing release of retention at the end of the defects liability period (also known as the rectification period) and trying to find out who is responsible / has the authority to release retention a year or more after a project is completed
Fortunately Glenwood Construction Debt Recovery are on hand to help. Our retention debt collection service has proved to be invaluable for contractors who want to make sure they get paid what you are rightfully owed. We can also tailor our service with a softer approach for those contractors who wish to take the time and hassle out of collecting their retention’s.
If you are having problems getting paid then Glenwood Construction Debt Recovery can take over the line communication ensuring you do not lose out. Please click INSTRUCT US or call us on 0141 465 9016 for immediate assistance.