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UK Clients Told To Dump Deadbeat Payers

In the UK The supply chain payment charter, agreed by the joint industry and government Construction Leadership Council (CLC) will encourage clients and contractors to sign up to 11 fair payment commitments, including standard 30-day payment terms from January 2018. Firms that fail to sign the charter will not be in agreement with the fair payment standards set and clients will be encouraged by the Construction Leadership Council to not give those contractors work.

The National Specialist Contractors Council (NSCC) chief executive Suzannah Nichol is also dedicated to improving the payment system in the construction industry saying “a whole tranche of the industry wants 30-day payment terms and the sooner we can get there the better…clients can pay a big part in improving payment”.

The changes won’t occur overnight or without struggle, this topic was brought to the CLC at a meeting in October of 2013. However it is believed that setting this standard can set an example for businesses in the industry to follow in their footsteps and make a great achivevement. Minutes from that meeting showed “reducing the actual payment period would be difficult, given the industry had grown up squeezing money from its supply chain, but it was necessary".

Construction News, CNPLUS.co.uk reported on this story.

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.

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