Achieve digital transformation in construction

The road to 45 days' payment terms by 2025

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 to an average of 45 days from April 2025.

The road to construction digital transformation

Implications for the construction industry

Construction is one of the key sectors that bids for large government contracts, therefore the sector is under the spotlight, and will continue to be as these new changes to the Prompt Payment Code roll out. Complying will give construction businesses a real competitive, and reputational, advantage. Losing any public sector work could have huge detrimental effects on a business.

Helping you enhance your prompt payment

Small and medium-sizes businesses are an integral part of the supply chain for construction, infrastructure and maintenance. Enhanced visibility of accounts payable through our e-invoicing Causeway Tradex software helps buyers uphold the Prompt Payment Code with ease, as well as supporting suppliers.

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