News & Events
1st February 2023
Embedding early payment programmes in procurement
With the Procurement Bill set to strengthen prompt payment within the public sector, and widespread impact of the rising cost of living, Early Payment programmes can help both buyers and suppliers unlock efficiencies.
We are working with Oxygen Finance to deliver NEPO521 Early Payment Service, an eight-year framework agreement available for use by local authorities across the UK.
In addition, NEPO has included early payment facilitation clauses within its two most recent construction framework agreements (NEPO212 Support Services for developing the Built Environment and NEPO233 Retrofit & Decarbonisation). This means that contracting authorities have the option to include their Early Payment programmes when accessing both frameworks.
Joanne Leask, procurement manager at NEPO, explains further:
“Our partnership with Oxygen Finance aims to help buyers accelerate payments to their suppliers, creating efficiencies for both parties.
“NEPO wants to go further and integrate early payment provision within its procurement activities, so that the benefits of early payment programmes can be fully realised. We talked to suppliers at market consultation events to explain the benefits of the approach, this was positively received and we are delighted that our two newly launched construction frameworks offer this choice for our members.”
Visit our dedicated webpage to find out more and get in touch.