OnDemand webinar - the road to 45 days' payment by 2025

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Are you aware and ready to meet the Government's 45-day payment schedule by 2025? Enjoy this OnDemand webinar as we are joined by Philip King, former CEO of the Chartered Institute of Credit Management, to discuss what's changing and why, what it means for the construction industry, how it will impact companies going forward, and how contractors should be preparing now for the compliance changes.

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What's on the agenda?

In the Autumn Statement 2023, the Government outlined significant changes to its Procurement Policy and suppliers should be prepared for these new standards, expected from 1st April 2024. The Prompt Payment Code helps create a resilient supply chain for government contractors by maintaining strong cash flow, as well as supporting small businesses and the wider economy. In this webinar, we explore the changes and answer:

What are the new changes?
What does it mean for the industry
What does it mean for your business?
How do we prepare for what's coming?
How can technology help improve your payments process?

Starting from 1st April 2024, businesses who are bidding for public sector contracts over £5M, will have to evidence that they pay all of their invoices within an average of 55 days.

Bidders can be excluded from the selection process if they're not paying 95% of their invoices within 60 days AND paying ALL of their invoices in an average of 55 days. This is set to tighten even further, to an average of 45 days from April 2025.