Bando Construction to Advance Payment of Construction Fees to Partners Ahead of Lunar New Year

[Asia Economy Reporter Onyu Lim] Bando Construction announced on the 17th that it will advance the payment of construction fees to about 300 partner companies ahead of the Lunar New Year holiday.

Since 2018, Bando Construction has been implementing early payments before holidays and will advance payments worth 70 billion KRW to support small and medium-sized partner companies struggling due to the construction market downturn.

The construction fees to be paid this time include progress payments and completion payments. Progress payments refer to the amount paid according to the degree of completion achieved so far during the construction process.

Bando Construction practices a win-win management policy by holding annual partner meetings, awarding outstanding partners, and conducting co-prosperity workshops. Last year, it actively supported ESG (Environmental, Social, and Governance) consulting for partner companies by conducting ‘Partner Company ESG Training’ for their staff.

Lee Jung-ryeol, Head of Construction Division at Bando Construction, stated, “Despite the real estate recession, we plan to continue win-win growth and ESG co-prosperity management by supporting technology development for small and medium-sized partner companies.”