EFFECTS OF PAYMENT DELAY ON CONSTRUCTION PROJECTS IN EDO STATE
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Abstract
The construction industry has been plagued by the issue of payment delay. This study examined the effects of payment delay on construction projects in Benin City, Edo State with a view to enhancing contractors’ projects cash flow. The data for this study was gotten through the response to the administered structured questionnaire. The data obtained was analyzed using the mean item score, this answered the question of this study through the research objectives; to; identify the causes of payment delay on construction projects in Edo State, assess the effects of payment delay on construction projects in Edo State, ascertain the measures for mitigating the effects of payment delay on construction projects in Edo State. The research findings showed
that administrative bottlenecks/bureaucracy ranked as the highest cause of payment delay. It also found that delayed payment had a detrimental effect to construction projects where delay in project completion was seen to be the highest effect. Contractors should adhere strictly to the conditions of contract so as to reduce the effect of payment delay on construction projects
that administrative bottlenecks/bureaucracy ranked as the highest cause of payment delay. It also found that delayed payment had a detrimental effect to construction projects where delay in project completion was seen to be the highest effect. Contractors should adhere strictly to the conditions of contract so as to reduce the effect of payment delay on construction projects
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