Network Rail outlaws retentions and tells firms to pay up within 28 days

By Jordan Marshall2018-06-20T12:16:00

Project bank accounts will also be mandated for large projects

Network Rail’s suppliers will be forced to pay their subcontractors within 28 days and be banned from using retentions.

The major reforms are part of a raft of changes the rail authority is making ahead of the upcoming five year funding period – Control Period 6 (CP6) which will run from 2019 until 2024.

The changes will result in the rail industry becoming the first sector within the wider UK construction industry to enforce these payment measures, overhauling the way large contractors do business with their supply chain.

Already registered? Login here

To continue enjoying Building.co.uk, sign up for free guest access

Existing subscriber? LOGIN

Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.

Limited access to building.co.uk
Breaking industry news as it happens
Breaking, daily and weekly e-newsletters

Get your free guest access SIGN UP TODAY

Subscribe now for unlimited access

Subscribe to Building today and you will benefit from:

Unlimited access to all stories including expert analysis and comment from industry leaders
Our league tables, cost models and economics data
Our online archive of over 10,000 articles
Building magazine digital editions
Building magazine print editions
Printed/digital supplements

Subscribe now for unlimited access.

View our subscription options and join our community