Improving the terms of contractor payments - Revision history

Editor at 18:25, 14 February 2024

2024-02-14T18:25:08Z

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	Following consistent pressure from ECA over the past two years, [https://www.legislation.gov.uk/ukdsi/2024/9780348256079 draft legislation] to amend the Reporting on Payment Practices and Performance Regulations has now been laid before Parliament for approval. As well as extending the Regulations until 6 April 2031 – a key ask from ECA - the draft legislation confirms that large companies will be required to report on the following additional metrics from 1 January 2025:		Following consistent pressure from ECA over the past two years, [https://www.legislation.gov.uk/ukdsi/2024/9780348256079 draft legislation] to amend the Reporting on Payment Practices and Performance Regulations has now been laid before Parliament for approval. As well as extending the Regulations until 6 April 2031 – a key ask from ECA - the draft legislation confirms that large companies will be required to report on the following additional metrics from 1 January 2025:

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	This article appears on the ECA news and blog site as "ECA success in improving contractor payment terms" dated February 14, 2024.		This article appears on the ECA news and blog site as "ECA success in improving contractor payment terms" dated February 14, 2024.

−	[[Category:~~Articles_needing_more_work~~]]	+	--[[User:ECA\|ECA ]]
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		+	= Related articles on Designing Buildings =
		+
		+	* Contract clauses.
		+	* Fair payment practices.
		+	* Fluctuation.
		+	* Housing Grants, Construction and Regeneration Act.
		+	* The Late Payment of Commercial Debts Regulations 2013.
		+	* Payment notice.
		+	* Payment terms.
		+	* Project bank accounts.
		+	* Prompt payment code.
		+	* Retention.
		+	* Scheme for construction contracts.
		+	* Small Business, Enterprise and Employment Bill.
		+	* The causes of late payment in construction.
		+	* Variations.
		+
		+	[[Category:DCN_Legislation]] [[Category:DCN_News]] [[Category:DCN_Organisation]] [[Category:Organisations]] [[Category:Policy]]

Editor at 18:19, 14 February 2024

2024-02-14T18:19:23Z

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−	This article appears on the ECA news and blog site as "ECA success in improving contractor payment terms" ~~dsated~~ February 14, 2024.	+	This article appears on the ECA news and blog site as "ECA success in improving contractor payment terms" dated February 14, 2024.

	[[Category:Articles_needing_more_work]]		[[Category:Articles_needing_more_work]]

Editor at 18:19, 14 February 2024

2024-02-14T18:19:08Z

← Older revision		Revision as of 18:19, 14 February 2024
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	In accordance with sections 3(9) and 161(4) of the Small Business, Enterprise and Employment Act 2015 and section 17(4) of the Limited Liability Partnerships Act 2000, a draft of these Regulations has been laid before Parliament and approved by a resolution of each House of Parliament."		In accordance with sections 3(9) and 161(4) of the Small Business, Enterprise and Employment Act 2015 and section 17(4) of the Limited Liability Partnerships Act 2000, a draft of these Regulations has been laid before Parliament and approved by a resolution of each House of Parliament."
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		+	This article appears on the ECA news and blog site as "ECA success in improving contractor payment terms" dsated February 14, 2024.

	[[Category:Articles_needing_more_work]]		[[Category:Articles_needing_more_work]]

Editor at 18:17, 14 February 2024

2024-02-14T18:17:09Z

← Older revision		Revision as of 18:17, 14 February 2024
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−	Following consistent pressure from ECA over the past two years, draft legislation to amend the Reporting on Payment Practices and Performance Regulations has now been laid before Parliament for approval. As well as extending the Regulations until 6 April 2031 – a key ask from ECA - the draft legislation confirms that large companies will be required to report on the following additional metrics from 1 January 2025:	+	Following consistent pressure from ECA over the past two years, [https://www.legislation.gov.uk/ukdsi/2024/9780348256079 draft legislation] to amend the Reporting on Payment Practices and Performance Regulations has now been laid before Parliament for approval. As well as extending the Regulations until 6 April 2031 – a key ask from ECA - the draft legislation confirms that large companies will be required to report on the following additional metrics from 1 January 2025:

	* The value of invoices paid within 30 days, between 30 and 60 days, and over 60 days		* The value of invoices paid within 30 days, between 30 and 60 days, and over 60 days
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	Payment League Table Performance		Payment League Table Performance

−	The data on large firms’ payment performance can be accessed here. League table on payment performance for construction can be access from Good Business Pays and Build UK.	+	The data on [https://www.gov.uk/check-when-businesses-pay-invoices large firms’ payment performance can be accessed here]. League table on payment performance for construction can be access from [https://goodbusinesspays.com/how-businesses-perform/sector-analysis/uk-construction-sector-2023/ Good Business Pays] and [https://builduk.us5.list-manage.com/track/click?u=43de7616c0d926d08752d5488&id=05d815b45b&e=12c09b5bd9 Build UK.]

	[https://builduk.us5.list-manage.com/track/click?u=43de7616c0d926d08752d5488&id=15e6dd4908&e=12c09b5bd9 The Reporting on Payment Practices and Performance (Amendment) Regulations 2024]		[https://builduk.us5.list-manage.com/track/click?u=43de7616c0d926d08752d5488&id=15e6dd4908&e=12c09b5bd9 The Reporting on Payment Practices and Performance (Amendment) Regulations 2024]
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		+	"The Secretary of State makes these Regulations in exercise of the powers conferred by sections 3(1) and (4) and 161(2) of the Small Business, Enterprise and Employment Act 2015(1) and sections 15 and 17(3) of the Limited Liability Partnerships Act 2000(2).
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		+	In accordance with section 3(8) of the Small Business, Enterprise and Employment Act 2015, the Secretary of State has consulted such persons as the Secretary of State considered appropriate.
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		+	In accordance with sections 3(9) and 161(4) of the Small Business, Enterprise and Employment Act 2015 and section 17(4) of the Limited Liability Partnerships Act 2000, a draft of these Regulations has been laid before Parliament and approved by a resolution of each House of Parliament."
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		+	[[Category:Articles_needing_more_work]]

Editor: Created page with "Following consistent pressure from ECA over the past two years, draft legislation to amend the Reporting on Payment Practices and Performance Regulations has now been laid before..."

2024-02-14T18:14:23Z

Created page with "Following consistent pressure from ECA over the past two years, draft legislation to amend the Reporting on Payment Practices and Performance Regulations has now been laid before..."

New page

Following consistent pressure from ECA over the past two years, draft legislation to amend the Reporting on Payment Practices and Performance Regulations has now been laid before Parliament for approval. As well as extending the Regulations until 6 April 2031 – a key ask from ECA - the draft legislation confirms that large companies will be required to report on the following additional metrics from 1 January 2025:

* The value of invoices paid within 30 days, between 30 and 60 days, and over 60 days
* The value of invoices not paid within agreed terms
* The percentage of invoices not paid due to a dispute.

The new metrics were designed by ECA to reconcile the picture painted by the payment reports -v- the reality of live experience as insolvencies sore.

The Department for Business and Trade has confirmed that further legislation introducing reporting on retentions should be laid later this year.

Payment League Table Performance

The data on large firms’ payment performance can be accessed here. League table on payment performance for construction can be access from Good Business Pays and Build UK.

[https://builduk.us5.list-manage.com/track/click?u=43de7616c0d926d08752d5488&id=15e6dd4908&e=12c09b5bd9 The Reporting on Payment Practices and Performance (Amendment) Regulations 2024]