Rider Levett Bucknall has developed project bank accounts for use in the construction industry.
The QS has joined two high street banks to produce the accounts, which are designed to improve payment procedures.
The accounts are recommended in the Office of Government Commerce’s guide to fair payment.
This guide was launched last week at a reception attended by Stephen Timms, the construction minister, and Sir Michael Latham. It calls for the payment of agreed amounts at set times and the removal of retentions.
A project bank account is set up by a client and contractor on behalf of all parties and is underpinned by a trust deed.
The contractor schedules all supply chain payments, the contractor and client issue the information to the bank, and the bank processes payments by electronic transfer.
The accounts will be formally launched on 14 November in London.
Central government clients are expected to adopt them by January.
No comments yet