HS2 has committed to paying its contractors by processing approved payments as soon as funds are available rather than on contracted terms and it expects them to do the same throughout the supply chain.
It has written to all of its Tier 1 contractors requiring faster payments to be reflected through all tiers of the supply chain during the pandemic.
HS2’s Commercial and Procurement Director, David Poole, said he wanted to provide reassurance to firms working on the project and ensure that stability remains within the HS2 supply chain. “As we emerge from the pandemic, HS2 will play a crucial role in the recovery of the UK economy and provide a much-needed boost to the construction industry and the many jobs that industry supports. By taking these steps to speed up supplier payments, and by requiring this to continue throughout the supply chain, businesses large or small within the whole HS2 supply chain can feel confident they will be supported by HS2 Ltd.”
HS2 contractors got the go-ahead last week to start construction worksin accordance with Public Health England (PHE) and industry guidelines.
