New tool for reducing bad debts

The initiative is based around the subbynet.com website, which aims to utilise the experiences of thousands of jobs carried out by subcontractors in Australia each year.The site combines the knowledge of a network of contractors and sub-contractors who are willing to share this knowledge and benefit from the experience of other contractors across all trades from excavation to electrical.Tim Kelly, from Subbynet, said subcontractors can then use this information to decide whether to risk extending a customer credit to the value of their job or whether they should proceed with the job at all. Kelly said that even if the decision to proceed is marginal, subcontractors may able to negotiate progress payment terms before the job begins.He said good reports are provided also, and subcontractors who use Subbynet can make postings to the customer list and conduct searches on new customers before the contract is signed. This information, he said, would reduce the risk of performing work and then not getting paid for it at the end of the job.

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