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Network Rail has announced that it is set to introduce immediate payments for its suppliers, giving thousands of UK firms a vital boost to their cashflow during the coronavirus (COVID-19) crisis. The introduction of this measure will mean that payments could be up to seven days quicker for small and medium enterprises (SMEs) and up to 28 days quicker for other suppliers.
Clive Berrington, Commercial and Procurement Director at Network Rail said: “Our priority is to support the supply chain as much as possible through these unprecedented times. We have, therefore, moved all of 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.”
As of 30 March 2020, Network Rail has committed to pay its suppliers immediately, or as close to immediately as possible, following the approval of the payment ledger, with the expectation that subsequent payments flow down the supply chain swiftly. Faster payments will support and strengthen the extensive supply chain that keeps the UK’s railway moving.
Network Rail and its supply chain currently have a key role to play during the COVID-19 pandemic, ensuring that the railway can continue to transport critical medical supplies to hospitals, food to supermarkets, and key workers – such as doctors, nurses and police officers – to their jobs.
This article first appeared on www.globalrailwayreview.com
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