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Following the release of its well-received Payment and Cashflow in Construction survey in February, the Construction Industry Collective Voice (CICV) has published its latest Best Practice Guide to help contractors and sub-contractors improve commercial management of building contracts, their cash flow and prevent costly and damaging disputes.

Compiled by over a dozen industry experts, the in-depth guide offers a wealth of practical information, demonstrating how to take control and proactively deal with various issues to enhance the entire contractual chain.

The guide sets out several areas, considering best practices for each, including:

• Tender qualifications:  Ensure you understand the importance of resolving tender qualifications before entering a contract.
• Contract amendments: What to look out for, how to evaluate the impact of amendments and how to qualify tenders accordingly.
• Payment schedules: A template to help you establish the cashflow arrangements for each project before entering a contract.
• Payment applications: A commentary on ensuring the need for fully detailed and substantiated applications.
• Payments received and value: How to add a tab in the payment schedule template.
• Variations: Looking out for onerous clauses and adopting the practice of 'no instruction, no work undertaken'.
• Retentions: How to check what the contract says and why your retention release shouldn't be tied to the practical completion date of the main contract.
• Fluctuations: How to prepare and deal with the unexpected.
• Notices: The importance of complying with contractual requirements.
• Record keeping: What to keep, for how long and why it's important.
• Quality/defects: Designing and improving on-site quality from the outset and signing up for the Construction Quality Improvement Charter (CQIC) Scotland.
• Conflict Avoidance Process (CAP): What it means and how to adopt it into your business, along with other dispute resolution mechanisms.

Download your copy of the Best Practice Guide here.

Have you registered for the Improving cashflows and payments in construction free-to-attend webinar? Find out more here.