Today the Procurement Act goes live! 

Struggling with delayed payments? The Procurement Act is here to improve your cash flow. The Procurement Act 2023 mandates 30-day payment terms, protecting suppliers and ensuring timely payments across public sector contracts.

•    Mandatory Payment Terms: All public sector contracts must ensure payments within 30 days.

•    Extended Protections: Payment rules extend to subcontractors, ensuring fair treatment throughout the supply chain.

•    Improved Cash Flow: Reduced payment delays help suppliers manage operations and invest in growth.

Timely payments are essential for business sustainability, especially for SMEs and VCSEs. The Procurement Act 2023 makes 30-day payment terms mandatory for all public contracts, including payments to subcontractors. This ensures that suppliers, regardless of their position in the supply chain, can count on predictable cash flow to sustain their operations. 

For businesses, this reduces financial stress and creates a stable foundation for growth. The Act’s payment provisions also foster trust and stronger relationships between suppliers and contracting authorities by promoting transparency and accountability in financial transactions. Understanding these changes can help suppliers plan their finances better and capitalise on public sector opportunities with confidence

Want to learn more about how we can help you win more contracts? Book a call with us or join our UK Procurement and Suppliers LinkedIn Group