Spec Finish

Feature www.thefis.org 9 An interesting finding on retention was that 14% of specialist subcontractors routinely fail to recover retention. However, main contractors performed much better with, a third of respondents reporting that they never fail to recover retention money to which they are contractually entitled. Main contractors of course are better resourced to chase outstanding payments. Stuart concluded his interim findings by ranking the sector’s reaction to the recommendations of earlier reports. The ranking was out of 10 and the results were: • Procurement setting the tone for the construction project 3 out of 10 - Must do better • Use of standardised contract terms 2 out of 10 - Disaster zone • Equitable financial arrangements and certainty of payment 4 out of 10 - More effort needed These practices are consistently undermining the ability of the finishes and interiors sector to modernise. In his concluding remarks, Stuart noted that findings are particularly concerning when set against anticipated new requirements within the Building Regulations and legal requirements for the demonstration of collaboration within the Building Safety Act. Further interrogation of the data and interviews is ongoing and the full report is anticipated to be published before the end of the year and will be available for download from the FISWebsite www.thefis.org Figure 1. Retrospective price change Figure 3. Lead time to start on site Figure 5. Promptness of payment Figure 2. Lead time to contract award Figure 4. Design approval Figure 6. Release of retention monies