Say Goodbye to Late Payments: The Game-Changing Procurement Act 2023 скачать в хорошем качестве

Say Goodbye to Late Payments: The Game-Changing Procurement Act 2023

In episode 113 of The Subcontractors Blueprint podcast, host Jacob Austin explains critical updates affecting subcontractors, taken from the recently adopted Procurement Act 2023. He details the new legal requirement for 30-day payment terms on public sector contracts, which now applies throughout the supply chain. Jacob offers practical tips for ensuring timely payments, highlights new transparency measures for checking clients’ payment practices, and discusses enforcement tools available to subcontractors. The episode empowers construction business owners with actionable knowledge to protect cash flow, enforce their rights, and make informed decisions about future contracts.   KEY TAKEAWAYS: •  The Procurement Act 2023 enforces 30-day payment terms for all suppliers and subcontractors on public sector contracts. •  Contract clauses extending payment beyond 30 days are now void, with stricter enforcement than previous rules. •  Only valid, correctly formatted invoices trigger the 30-day payment clock; invalid or disputed invoices are excluded until resolved. •  Subcontractors can suspend work after seven days’ notice for non-payment and claim statutory interest or escalate via the Public Procurement Review Service. •  Large companies and public authorities must now publish detailed, twice-yearly reports on payment practices, including late payments and retentions. •  Subcontractors should use the government portal to check clients’ payment histories and avoid or negotiate with habitual late payers. BEST MOMENTS: "Every invoice from a subcontractor on a government job should be paid within 30 days by law, even if the contract itself didn't spell that out explicitly." "The law voids any contract clause that tries to lengthen payment terms beyond that 30 day limit." (For public sector contracts) "You have always got your statutory right under the Construction Act of suspending performance after seven days of notice." "The PRS are recorded as recovering £9 million in late payments just by suppliers escalating cases through their service." "This is all vital information for you to consider before you start working for a new client, a new contractor." "Late payment is no longer a norm that you need to tolerate to work in the industry, but a bad habit that needs to be exposed and got rid of."   Jacob is on a mission to help the 1 million SME contractors working within the construction industry. If you've taken something of value from this episode, please share the podcast with someone you know, and pass the value on. HOST BIO: Meet Jacob Austin, a Chartered Quantity Surveyor with a rich background at construction industry giants Balfour Beatty, Kier, and Vistry Group. With extensive involvement in education, health, and residential projects spanning various scales, from £1000s to over £100M in concurrent developments, Jacob brings a unique perspective. Having collaborated with numerous small businesses, he's now committed to sharing his expertise to drive their success. Join Jacob on his podcast, where he blends his profound insights and personable approach to offer guidance, industry secrets, and inspirational stories. LinkedIn - www.linkedin.com/in/jacob-austin/ (  / jacob-austin  ) Instagram - www.instagram.com/qs.zone/ (  / qs.zone  ) www.qs.zone/all-links (http://www.qs.zone/all-links)