A new scheme is to be trialled to speed up paymentsto contractors working on public-sector developments in Scotland.
The Scottish Government yesterday said it was piloting ring-fenced project bank accounts to minimise delays in payments to small firms from the main project contractor.
The system, expected to be in place this year, will typically ensure payments are made within five days.
Nicola Sturgeon, Deputy First Minister, said: “Using project bank accounts guarantees a diverse and competitive marketplace, meaning that Scotland’s many SMEs are given the confidence to compete for Scottish construction contracts.”
