The Select Standing Committee on Finance and Government Services released their Report on the Budget 2022 Consultation.
Included on Page 46 of the report is the following summary:
PROMPT PAYMENT The BC Construction Association urged the introduction of prompt payment legislation, stressing that a lack of prompt payment costs government in excess of $3 billion per year. They explained that most businesses in BC’s construction industry employ fewer than 20 workers and that too often construction contractors are not being paid for the work that they do. As a result, small businesses end up carrying loans, credit card debt, second mortgages, and lines of credit when they do not receive timely payment for their work. They explained that prompt payment legislation is a meaningful tool to help ensure that Report on the Budget 2022 Consultation 47 the billions of dollars spent on publicly-funded infrastructure projects make it to the tradespeople and the small contractors who have earned it.
And Item 60 in the list of recommendations states:
60. Prioritize the introduction of prompt payment legislation
http://bccassn.com/prompt-payment-included-in-report-on-the-budget-2022-consultation/
Town Hall Sessions with BCCA, MCABC, ECABC and the Regional construction associations produced a signifigant breakthrough in progress towards Prompt Payment legislation in BC. With a promise from the Attorney General's legal counsel to move forward with the legislation process immediately, the next steps are to allocate government resources and assemble a working group. There is still much to be done, but we are finally on our way!
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