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Money, money, money! ITED

I

t is said that ‘money is the root of all evil’ – whether that is true or not is a separate discussion but money can certainly be the root of a lot of problems on building projects. I have seen several projects where relationships have broken down due to problems with money – whether it be the non-payment of invoices or the contractor claiming money for work that perhaps they are not due. Whatever the root of the problem it leads to disharmony and in some instances the project coming to a complete halt. I have touched on this situation in previous Vale Life articles, but as I am now helping a client whose project is fast heading towards an expensive court appearance and with another who regularly pays builders late or not at all and then gets angry when they suspend works or walk off the site, I thought i would shine a light on this subject. Building projects are expensive and I think we canSall E S appreciate money E WIRtoELflowHto allow Eneeds R F your project StoWprogress. ITC Despite

what some people may think (OK - there may be a few exceptions), builders don’t make huge amounts of money on their projects. I was once reminded by a client that – ‘you have good jobs and you have bad ones’ and you hope that your good jobs outnumber the bad. If they don’t then your business won’t survive for long. This is very true, so your builder will need you to pay regularly and on time. Before you embark on any building project please make sure that you have the funds available to complete the build and then agree with your builder how often and when you will make payments. Is it going to be based on achieving certain targets on site – such as when the foundations have been poured, brickwork complete, roof on, building watertight etc or is it going to be time based. If it is going to be time based please make sure that you agree the frequency of payments – is it weekly, fortnightly, monthly etc. It is very important that you only pay your builder on receipt of

an invoice. Never just pay based on a verbal request. There are no records of what you have paid and what you have paid for. A reputable builder will have no issue in providing you with an invoice. When you receive it check it thoroughly. If you are not happy with what you have been asked to pay, then don’t pay it – but always have a conversation with your builder and explain why you are not happy to pay. Have a discussion, reach an agreement and then make the payment. Don’t just ignore it as this is a sure-fire way of increasing the chances of having a dispute. Also agree how quickly you will pay! Sounds strange but some builders expect payment immediately upon presentation of an invoice, some may give you 7 days, but others may give you 14-28 days. I wouldn’t agree to pay immediately – give yourself time to check the invoice, make sure you are happy with it and then arrange the payment. You may need to transfer money from a savings account or receive a drawdown

Nigel Grace

Safe as houses

from your mortgage company – all this takes time. Whilst we might not like it, most of us business owners don’t mind being paid late – if we are told in advance. If you have a problem making the payment for whatever reason, then tell your builder – don’t just hide your head in the sand. If you find that you are continually unhappy with what you are being asked to pay by your builder then take professional advice – that could be from your architect, a quantity surveyor or even somewhere like the Citizens Advice Bureau.

tel. 0771281 LEASE CHECK THIS PROOF CAREFULLY, tel. 075000482 ARTICULARLY PHONE NUMBERS AND web. www.chiltern OUR EMAIL ADDRESS

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l Nigel Grace MRICS is an experienced chartered quantity surveyor, who has built and redeveloped many houses himself. If you need help or advice on your project contact him on: nigel@ nigelgracelimited.co.uk

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Vale Life : Nov/Dec 2018

Profile for Charlie Trott

Vale Life Magazine Nov-Dec 2018 Edition  

Local interest magazine for Aylesbury, Thame, Tring, Wendover, Princes Risborough, Chinnor, Waddesdon, Winslow and surrounding villages.

Vale Life Magazine Nov-Dec 2018 Edition  

Local interest magazine for Aylesbury, Thame, Tring, Wendover, Princes Risborough, Chinnor, Waddesdon, Winslow and surrounding villages.

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