Prompt Payment Included in ‘Report on the Budget 2022 Consultation’
Item 60 in the report indicates a commitment to ‘prioritize the introduction of prompt payment legislation’
The Select Standing Committee on Finance and Government Services released their Report on the Budget 2022 Consultation.
Included on Page 46 of the report is the following summary:
PROMPT PAYMENT The BC Construction Association urged the introduction of prompt payment legislation, stressing that a lack of prompt payment costs government in excess of $3 billion per year. They explained that most businesses in BC’s construction industry employ fewer than 20 workers and that too often construction contractors are not being paid for the work that they do. As a result, small businesses end up carrying loans, credit card debt, second mortgages, and lines of credit when they do not receive timely payment for their work. They explained that prompt payment legislation is a meaningful tool to help ensure that Report on the Budget 2022 Consultation 47 the billions of dollars spent on publicly-funded infrastructure projects make it to the tradespeople and the small contractors who have earned it.
And Item 60 in the list of recommendations states:
60. Prioritize the introduction of prompt payment legislation