Network Rail moves to immediate payments for suppliers
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Network Rail has committed to immediate invoice payments for suppliers in a move set to give thousands of British firms a vital boost to their cashflow during the coronavirus crisis.
The initiative means payment could be up to seven days quicker for SMEs and up to 28 days quicker for other suppliers.
From Monday 30 March, Network Rail has committed to pay its suppliers immediately, or as close to immediately as possible, following approval of the payment ledger, with the expectation that subsequent payments flow down the supply chain.
Clive Berrington, commercial and procurement director for Network Rail, said: “Our priority is to support the supply chain as much as possible through these unprecedented times. We have therefore moved all our suppliers to immediate payment terms, or as close as you can get following approval of the invoice, and we expect that to flow down to the supply chain.
“Together, we can help to ensure we have a strong supply chain when we emerge from this pandemic.”
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