MARKHAM, Ontario, March 20, 2019 (GLOBE NEWSWIRE) -- In yesterday’s federal budget announcement, Finance Minister Bill Morneau has further solidified the Canadian government’s commitment to the implementation of federal prompt payment legislation and adjudicative measures. The Canadian Institute of Steel Construction (CISC) strongly supports the Canadian government’s action against the systemic issue of delayed payments in the construction industry.
The implementation of federal prompt payment legislation will provide a structured process that ensures all payments flow down the construction supply chain promptly. Additionally, an added adjudication process will act as a mechanism to reinforce that payments be made on time. This legislation will reduce risk in business and provide a secure playing field for trade contractors who perform 80% of the work in Canada’s construction sector. Under a prompt payment system, they will be able to better plan for the future and bid on more projects.
“The Canadian steel construction industry fully supports the 2019 budget that includes prompt payment legislation for Canadian Federal construction projects,” says Ed Whalen, President & CEO of the CISC. “Prompt Payment legislation is the single most important Bill for the security of families employed in construction. It will protect jobs, strengthen small businesses, stimulate training, and improve productivity. Hats off to the government for listening to the true builders of the middle class.”
In close partnership with the National Trade Contractors Coalition of Canada (NTCCC) over the last decade, the CISC has been a leading organization in advocating the need for prompt payment legislation. Delayed payments have been one of the biggest challenges in the Canadian construction industry due to the negative impacts that recurring cash-flow problems have had on the construction supply chain, trades people, Canadian families, and the overall construction economy.
The federal government is the single largest construction-owner in Canada, and they have now set the tone that prompt payment should be an industry standard. We applaud their ongoing efforts in bringing federal prompt payment legislation to Canadians and acknowledge their unwavering support of this initiative. With this action being a federal priority, we look forward to seeing provincial governments adopt prompt payment legislation of their own.
ABOUT CISC
The Canadian Institute of Steel Construction (CISC) is Canada’s voice for the steel construction industry, providing leadership in sustainable design in construction, advocacy, efficiency, quality and innovation. The CISC’s efforts aim to advance the use and benefits of steel, increase Canadian market share, as well as advocate for a diverse community made up of manufacturers, fabricators, service centres, erectors, consultants, detailers, industry suppliers, owners and developers.
The Canadian steel construction sector is a vibrant $5 billion industry, which employs over 130,000 people in its supply chain.
Media Contacts:
Maricelle Ambat
Marketing & Communications Coordinator
Canadian Institute of Steel Construction (CISC)
(905) 604-3231 ext. 107
mambat@cisc-icca.ca