The National Federation of Builders (NFB) has welcomed the launch of the supply chain payment charter.
The supply chain payment charter is a voluntary code for fair payment in the construction industry and is one of the first deliverables from Construction 2025, the industrial strategy for construction.
Paul Senior, national chair of the NFB, said:
“Systematic late payment not only damages the cashflow of many smaller businesses, it damages the image of the industry making it harder to attract new talent. Previous initiatives have failed so the emphasis is now, quite rightly, on monitoring and in ensuring that everyone in the supply chain is aware of the commitments and works towards meeting them.”