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Are your retentions simply giving your employers money for nothing?
Giving 5% of your earnings away to a total stranger may seem like a ridiculous suggestion, but that's exactly what you are doing if you don't recover the retention funds due to you.
Often retention pots are the easiest moneys to collect. Trouble is... employers aren't always willing to release this as the majority of our Contractor and Sub-Contractor clients will testify.
At the very least it is usually the case that an employer will simply allow a Contractor or Sub-Contractor to 'forget' about retentions - conveniently for them!
Whilst many Contractors and Sub-Contractors may simply write off retentions, we don't believe this should be the case. There are simple methods for maximising the recovery of retentions which often require little effort. And Quantum CPM can help you with this. Find out more about our Retention Fund Management Service
Get back what's rightly yours
By not recovering retention funds, you are basically giving your employer that portion of your profits. You've done the hard work and completed the project, so you're entitled to recover all the moneys due to you.
Remember, better recovery of retentions has two huge benefits:
- You'll receive money that can be added to your profits - money that would otherwise have been lost, and
- You don't have to price the risk of non-recovery into your tender price.
A massive amount of money is held in retentions at any one time - between £3.2 billion to £5.9 billion (2015 prices) according to estimates - which is why we all should have effective systems in place to reclaim what we're entitled to.
How Quantum CPM can help with retentions recovery
We help Contractors and Sub-Contractors put the right processes in place to make sure their retentions are recovered when they are due.
This is a key part of our bundle of services designed to help Contractors and Sub-Contractors protect themselves more comprehensively in construction projects and make sure their services can be delivered as promised with the minimum fuss or risk of financial loss. These start with Contract Vetting prior to even agreeing to work on the project right through to Retention Fund Management.
For a free initial consultation, contact Quantum CPM on 0161 974 6655 or email .
Find out more about our bundle of services.
