Last year was a tough one for contractors when it comes to getting paid on time.
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Less than 10% of contractors surveyed by Levelset said they always got paid on time in 2021. That was a 60% decline from the same metric in the previous yearās survey. Late payments in 2021 decreased profits for about 43% of companies surveyed.
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Only 11% of companies surveyed reported that they always got paid in full last year. This is a big dip from the 43% of firms that said they always received full payment in 2020.
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Levelset said that U.S. contractors filed more than 60,000 liens last year totaling more than $5 billion.
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