CISC President Ed Whalen is in Ottawa this week to highlight the importance and need for Prompt Payment legislation in Canada.
Appearing at the Senate Committee (Banking, Trade and Commerce) hearings on Bill S-224 (Canada Prompt Payment Act), Mr. Whalen will outline the devastating impacts that current payment delays are having on the Canadian steel industry.
Over 25% of the steel construction industry’s current account receivables are outstanding past 60 days, and this has created severe hardship for our companies, most of which are small to mid size enterprises.
Lack of prompt payment is threatening the livelihood of over 100,000 Canadians employed in the steel construction industry and their families, stifling innovation and investment in our operations, and severely curbing our global competitiveness.
Prompt Payment legislation is critical to the Canadian economy and the middle class. We call for immediate enactment of Bill S-224.