NH Investment & Securities Signs MOU with Mechanical Equipment Construction Mutual Aid Association and WorksMate to Resolve Construction Payment Issues
NH Investment & Securities announced on the 15th that it has signed a Memorandum of Understanding (MOU) with the Mechanical Equipment Construction Mutual Aid Association and WorksMate to support the resolution of issues related to construction payments within the construction industry.
NH Investment & Securities held the MOU signing ceremony yesterday at the Mechanical Equipment Construction Hall in Gangnam-gu, Seoul. Attendees included Lee Soo-cheol, Head of the Operations Division at NH Investment & Securities, Kim Jong-seo, Acting Chairman of the Mechanical Equipment Construction Mutual Aid Association, and Kim Se-won, CEO of WorksMate.
Through this MOU, NH Investment & Securities aims to create synergy among the three parties?the Mechanical Equipment Construction Mutual Aid Association, WorksMate, and itself?by providing approximately 10,000 member companies of the Mutual Aid Association with opportunities to introduce the Win-Win Bond Trust. 'Gada,' a construction daily labor recruitment platform operated by WorksMate, is a popular platform used by more than 330,000 workers, and it is expected to have a significant effect in protecting the rights and interests of subcontractors and lower-tier subcontractors.
NH Investment & Securities’ Win-Win Bond Trust is a product developed to prevent specific contractors from misappropriating construction payments allocated in the site budget for other purposes and to avoid cash flow shortages in cases of delayed or restricted payments. It was created to complement the limitations of construction-related laws and current systems, such as the Framework Act on the Construction Industry and the Act on the Fair Transactions in Subcontracting.
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Lee Soo-cheol, Head of the Operations Division at NH Investment & Securities, stated, “If the Win-Win Bond Trust becomes a culture within the construction industry, issues related to delayed construction payments are expected to decrease dramatically.” He added, “NH Investment & Securities will continue to develop products that protect the rights and interests of members in relatively disadvantaged positions across industrial sites with vertical structures, beyond just the construction industry.”
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