Tendering for a contract using an agency?

[CeeVee]

I just had a conversation with a decorator who said a plasterer on a job he worked on tendered for a decent sized job and won it.

He said "How do you get around the 60 day wait and the insurances etc.?"
His reply was that he did it through an agency....he tendered the job through them....they pay him WEEKLY and he doesn't have to take out employers liability or do a COSH or anything.

They just take 5% of the money.

Anyone heard of this? Anyone know of such an agency?

 

[plasterjfe]

5 is huge off a plastering contract. Its like. .....all the profit!.
Banks will do similar invoicing for you wher they pay u straight and they chase the debt

 

[SpankySouthport]

More like 90 days to never...

 

[Curry]

5 is huge off a plastering contract. Its like. .....all the profit!.
Banks will do similar invoicing for you wher they pay u straight and they chase the debt

Which banks do this?

 

[malc]

Which banks do this?

merchant banks. high street banks, they have used your invoice as collateral. you can bet your bottom dollar that they want signed contracts from a blue chip company.

we where offered a large block of flats to plaster out with finance coming from a merchant bank. you could draw the money in what ever stages you liked, BUT there was a charge of £500 for a surveyor to come out on site to measure the work that you had covered. we declined this offer.
we keep well away from banks, the moment that you need them they will run for cover, leaving you high and dry.

 

[johniosaif]

all this sounds wrong ,like malc , I would politely pass, its got hassle all over it, we are spreads, not hedge fund traders

 

[malc]

all this sounds wrong ,like malc , I would politely pass, its got hassle all over it, we are spreads, not hedge fund traders

you are better off trading with a good company, but they are as rare as hens teeth.
i missed my chance years ago, we where offered some housing sites, tiny little estate housing, no metreage,tiny little skirtings, but the company gave you dockets, one for boarding, one for plastering, one for screeds, three dockets for each plot. on completion of each task,you got the foreman to sign them post them off and you received a cheque by return.
my pal took the work on, he built it up so that he received a payment every day, turning over £100.000 per month. he purchased a small builders merchants to get the materials at the best prices. he made a very good living.

 

[plasterjfe]

Which banks do this?

high street pal its called invoice financing.

you must have a valid contract agreement with the MC etc the bank take maybe 2.5 percent or something and your invoice goes to them they invoice the mc in turn but pay you up. the bank is effectively buying your debt from you (not uncommon) and waiting themselves for the payment date to come as they can afford to wait for money its a business for them and lets face it if an MC tried to rip the bank off they would be marched into court and the best lawyers in the business to face where as with Plastering subbies they like to treat you like sh1t.

you should all get onto streetwise subbie anyway, they are fiar payment campaigners fighting for the payment rights of subbies and for payment terms to be changed...

 

[owls]

Santander take 3%. I don't know how flexible they would have been on that figure tho,I looked at it a while ago, but didn't carry it out in the end.