|
|
Specialist Contractors Need Lower Thresholds on Project Bank Accounts! Published 8 October 2016 It has been widely reported that the Scottish Government, on public work projects, to protect subcontractors from insolvency and payment abuse, is introducing Project Bank Accounts. Clearly this is a step in the right direction. However, it does not go nearly far enough to protect Specialist Contractors from payment abuse. Project Bank Accounts will be a requirement from October 31 on building projects over £4m and civil engineering projects over £10m in Scotland. However, we at the Confederation of Construction Specialists believe these thresholds are far too high and do little to protect the most financially vulnerable members of a Main Contractor’s supply chain. It is obvious to us that there should be Project Bank Accounts operating on all projects (Government and Private) with a project value in excess of £1m. |
The Confederation of Construction Specialists provides a focused voice for specialist companies, in all construction sectors, to achieve greater fairness in the distribution of financial and contractual risk.
Since 1983 the confederation has been campaigning; providing legal and contractual advice; and developing and delivering professional contractual training to empower its members and the wider construction community to optimise contractual arrangements when dealing with main contractors and clients.
Join the Confederation of Construction Specialists and gain access to membership services which include: outstanding discounted training; a cohort of associate members providing legal and contractual advice; free company credit checking facilities; performance bonds; insurance and warranties; and much more. Join today!
