Bando Construction to Advance Payment of 55 Billion KRW to Partners Ahead of Lunar New Year

Bando Construction announced on the 3rd that it will advance the payment of construction fees amounting to over 55 billion KRW to more than 260 partner companies ahead of the Lunar New Year holiday to help them manage their finances smoothly.

In the prolonged situation of the COVID-19 pandemic causing a contraction in the business environment, the company decided to advance payments before the holiday to alleviate the financial difficulties of small and medium-sized partner companies that are more vulnerable to the crisis.

Bando Construction has been consistently advancing construction fee payments before holidays since 2018 to promote mutual growth with its partners.

Last year, to prevent unfair trade practices and strengthen mutual competitiveness, the company signed a 'Fair Trade Agreement' with its partners, agreeing to comply with the four major practices of the Fair Trade Commission, fair contract conclusion and execution, prevention of subcontracting law violations, and detailed mutual cooperation plans such as financial, technical, and management support.

Additionally, Bando Construction, as the primary contractor, decided to pay 100% of the subcontract contract stamp tax, which was previously split 50% each between the primary contractor and subcontractors. To support partners struggling due to COVID-19, the company also reduced the subcontract performance bond rate for most partners from 10% to 3% of the subcontract amount last year.

Hyunil Park, President of Bando Construction

Park Hyun-il, CEO of Bando Construction, stated, "The development of Bando Construction and the quality improvement of 'Bando Yubora' cannot be achieved without the help of our partner companies who work hard at construction sites nationwide." He added, "We will continue to communicate and cooperate with our partners for mutual growth, not only by advancing construction fee payments but also through collaboration in new technology development."

This content was produced with the assistance of AI translation services.