The time it takes to get paid for completed work averages nearly 90 days from the time a contractor submits a payment application. Although this is the average, it often takes even longer than that for contractors to see any return on the money they have already spent on labor and materials. While no one intentionally delays payments to contractors, the delays nonetheless result in loss of preferential pricing, underperforming contractors, and the deterioration of working relationships between the Owner, General Contractor, and Trade Contractors.
In this session, hear from FARO’s Senior Business Development Manager Kyle Tarr as he walks you through the best practices you can implement on your next project to ensure timely work verifications and payments. Discover with Kyle how data transparency and consistent stakeholder communication – paired with digital as-built documentation methods like 360° photos – catalyzes prompt verification of work and subsequent payments.