Having enough cash on hand to pay the bills and fund new projects is always top of mind for contractors, especially labor- and material-heavy subcontractors that fund most of the activity on a construction project often months before the owner and general contractor pay their invoices.
Last October, construction finance platform Rabbet found that late payments cost general contractors and subcontractors about $64 billion a year, up $24 billion from a similar study Rabbet conducted the previous year.
