Seventy-five percent of contractors feel left in the dark about their payment terms or payment timing and wonder whether they are getting a fair shake on the job, according to the 2019 National Construction Payments Report.
Levelset recently unveiled Contractor Profiles to address these challenges head-on, allowing anyone to read and share anonymous, real-time reviews, ratings and details about GC payment behaviors, all for free.
Results show that contractors and suppliers are stressed about cash. Both are scared about not getting a fair shake from the other. A national construction survey found that 75 percent of contractors said they wished they had a better understanding of how owners and general contractors were paying others on their job and in their markets. And 69 percent of contractors would be more comfortable sharing payment terms if they could do so anonymously.
Contractor Profiles provide in-depth information on industry payment practices by pulling in data from various sources and making them publicly accessible. Since 2005, Levelset has facilitated the exchange of over 860,000 payment documents between over 42,000 users on the platform, touching close to 3 million construction jobs in the United States. This data is combined with over 7,500 reviews and ratings left directly on the Contractor Profiles and public permits and other filings around the county. To date, Leveset has published more than 7,700 Contractor Profiles, including profiles revealing the payment behaviors of the 300 biggest U.S. general contractors. It plans to publish another 10,000 over the next three months.
