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.
Download this short guide for a detailed explanation on what is changing, when, and how you should be preparing right now.
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