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This guide is to help you to understand what a Project Bank Account is (‘PBA’), what significance it has and how it is merged into the framework of the construction industry.
The Cabinet Office is working together with public sector construction procurers in pioneering a new way of paying supply chain members in construction projects through PBAs, which will see construction SMEs receiving payment in 5 days or less from the due date. PBAs assure security and speed of payment; they ensure that payment is made promptly.
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