The ECA has issued a warning that there may be a ‘hardening of the marketplace’ and as a consequence members should be vigilant and cautious.

Key points to beware are:

  • business from a new source – always obtain credit checks;
  • amendments to standard forms of contract;
  • irregular payments and fluctuations in deliveries;
  • staff and specification changes.

Contractual awareness and the pursuit of monies owed is advised, as is good stock management. Positive action, including offering further discount for improved payment terms and requesting retention is put in a separate account is also wise.

Members can seek guidance by calling the Association on 020 7313 4800.

Source

Electrical and Mechanical Contractor