The Retention Dilemma: Late or No Pay in Construction

The retention dilemma in construction is one that has been around for years. On one hand, construction companies want to ensure they are getting projects completed and maintaining partnerships whilst on the other hand they will do their best to maintain profit margins. This has led to bad practices around releasing retention or money owed to sub-contractors in a timely manner or at all.

The Problem of Late or No Pay in Construction

In any industry, late or no pay can be a major problem. In construction, however, it can be especially harmful. Construction projects are often long and complex, involving many different contractors and workers. If one party does not get paid on time, it can have a ripple effect throughout the company and impact future projects.

Retention is one of the easiest elements for larger contractors to unlawfully increase profit margin.

Contractors know that sub-contractors have limited time and resource to pursue retention and if they do it will often be ad-hoc with little process or structure.

it is important to find a solution to this problem that is easy, cost effective and maintains relationships.

Current solutions

Sub-contractors are left with the option of trying to pursue themselves, often with little to no success and in the process becoming frustrated. The time and focus needed is often better spend on new projects.

Alternatively there is the option to pursue legal proceedings or debt collection for contractor retention but this can be costly and impact on future relationships.

Sub-contractors are often left between a rock and a hard place with money owed to them.

recovermyretention.com

We built our platform as cost effective tech alternative to managing your construction retention. Our platform allows you to add completed and current projects via your own dashboard for us to carry out a proven recovery process.

Our tech, combined with the data we receive means we can manage the retention effectively without upsetting contractors. You can see our progress from your dashboard at each stage.

Utilising our tech means retention can be left to us for a minimal cost so that you can focus on your current projects.

Get your retention paid, quickly and never chase retention again.