Specialist debt recovery services for the construction industry
Payment terms in the construction industry have special features which differ from other industries. One feature is that a small amount of money, usually between 1.5 and 5%, is deducted from payments and held by the main contractor/employer.
This is known as a retention and is held so that if there are defects in the work, a fund of money is available to put them right. Typically, half of this fund is released on completion of the works and the second half at the end of the maintenance period, which can be over a year after the work was carried out.
This sum of money is invaluable, contributing significantly to the profit margin on most contracts. It is essential that retentions are collected promptly, as chasing payments is time consuming, ties up staff and requires tenacity and perseverance.
Construction retention laws
Nelsons’ debt collection team, in conjunction with our specialist construction law team, have experience and knowledge of the law surrounding retentions and this allows them to collect them quickly and effectively.
We will work out when payment is due to you and contact you to agree when collection should be made.
The charges for our construction retention collection service are transparent and easy to follow. We offer fixed fee services which are based on the amount due to you.
For more information about our construction retention collection service, email us or call 0800 024 1976 for a guaranteed response.
"Nelsons...focuses on handling bespoke (rather than volume, process-driven) business-to-business debt recovery mandates from commercial clients, and particularly excels in pre-action collections."Legal 500
'"The team at Nelsons is very helpful, supportive and prompt in responding to any problems."Client Feedback
"Excellent, prompt service. Fast turnaround. Brilliant. Highly recommended."Client Feedback
"Nelsons give a friendly efficient and professional service with regular updates on case proceedings."Client Feedback
"Did an excellent job collecting outstanding debt from a customer. Quick to get a payment schedule and swift communication. Would use them again if the situation occurs."Client Feedback