Prompt Payment as of 1 July 2018 based on Ontario Construction Act
https://www.investopedia.com/terms/p/progress-billings.asp
https://www.attorneygeneral.jus.gov.on.ca/english/construction_law_in_ontario.php
https://www.ontario.ca/laws/statute/90c30
from Ontario Construction Act document:
“PART I.1 PROMPT PAYMENT
Definition, “proper invoice”
6.1 In this Part,
“proper invoice” means a written bill or other request for payment for services or materials in respect of an improvement under a contract, if it contains the following information and, subject to subsection 6.3 (2), meets any other requirements that the contract specifies:
- The contractor’s name and address.
- The date of the proper invoice and the period during which the services or materials were supplied.
- Information identifying the authority, whether in the contract or otherwise, under which the services or materials were supplied.
- A description, including quantity where appropriate, of the services or materials that were supplied.
- The amount payable for the services or materials that were supplied, and the payment terms.
- The name, title, telephone number and mailing address of the person to whom payment is to be sent.
- Any other information that may be prescribed. 2017, c. 24, s. 7.”
https://www.levelset.com/schedule-of-values/
QuickBooks for Construction
QuickBooks for Contractors Tip – Basics of Progress Invoicing
From Oracle.com
“Oracle Textura Payment Management increases efficiency and control in construction payment management through a collaborative subcontractor invoicing and payment software system. “
https://www.oracle.com/industries/construction-engineering/textura-construction-payment-management/
