Subcontractors hit by majors and late payment
Feb 16th, 2012
Major contractors muscling-in on smaller contracts are proving a major headache for construction SMEs.
A third of firms quizzed for a new report by pre-qualification register Constructionline said competition from larger companies is the biggest challenge local contractors face in tender competitions.
Late payment is still a blight on the industry with 56% of the 1,300 firms quizzed saying invoices took even later to settle during the last year.
Eversheds comment: Late payments by UK companies climb sharply
Jan 30th, 2012
Latest figures have shown that UK companies have formed an increasingly bad habit of late payments, with the average in 2011 paying almost 26 days beyond the agreed terms. Large UK companies were the worst culprits, paying an average of 34 days late. Thomas Whitfield, Solicitor at international law firm Eversheds, comments:
“The latest figures are showing that the average time for commercial debtors to pay, beyond agreed payment terms, has increased substantially over the last few years.
Major rail contractors promise fair payment
Jan 27th, 2012
Network Rail is enforcing a fair payment regime throughout its supply chain covering all future construction and maintenance work.
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