Local Construction: the benefits of using Project Bank Accounts
We’ve partnered with the Scottish Government, the Royal Bank of Scotland and Transport Scotland to deliver a free Project Bank Accounts (PBA) webinar designed specifically for the construction industry.
The interactive event on Friday 6 November 9.30 – 11am will look at the various stages of using PBAs and how they can benefit both the public and private sector as a finance tool to ensure prompt payment to suppliers and sub-contractors.
The short webinar is part of Scotland Excel’s ‘Supporting Scotland’s Recovery’ campaign that aims to collaborate with the public and private sectors and to aid the economic and social recovery of the nation during the Covid-19 pandemic.
The panel of expert speakers will discuss several points relating to PBAs and their benefits including:
- the origin of PBAs
- how to set them up
- how contracting authorities can use them to simultaneously pay members of the supply chain
- how main contractors can benefit from faster payments, and
- how subcontractors can benefit from faster payments and protection from upstream insolvency.
Speaking about the webinar, Julie Welsh, Scotland Excel’s Chief Executive said: “We are delighted to have such high calibre speakers for our Project Bank Accounts webinar. The webinar forms part of our Supporting Scotland’s Recovery campaign and we hope that the short session helps buyers and suppliers to understand the benefits of PBAs in the construction sector.
“The use of PBAs giver greater stability and assurance to sub-contractors that the money owed will be paid within the agreed 30-day limit and in some cases within five days. This welcome innovation in the construction sector comes at a crucial time. We know from speaking daily with our suppliers, that late payments can result in many SMEs going out of business and this is something we work strenuously at Scotland Excel to avoid.”
The speakers include:
- Colin Judge: Principal Adviser, Construction Procurement Policy, Scottish Government
- David Rennie: Relationship Director, Royal Bank of Scotland
- Andrew Cooper: Procurement Advisor, Transport Scotland
The event will be hosted by Sarah-Claire Dahlstrom, Senior Procurement Specialist at Scotland Excel.
Colin Judge said: “I’m delighted to be joining my counterparts from the Royal Bank of Scotland and Transport Scotland to present on Project Bank Accounts at Scotland’s Excel’s webinar. PBAs are a practical means for clients, including Housing Associations (HAs) to support fair treatment and protection of firms and workers.
“Firms that are paid sooner stay in business longer and remain part of the competitive marketplace from which HAs draw their contractors. PBAs can help create a virtuous circle for HAs in which capital investment not only delivers more social housing stock but also drives greater economic resilience and social cohesion into their communities. That is reason enough to commit to using them and the webinar will show how to do so successfully.”
Andrew Cooper added: “Transport Scotland has extensive experience of using Project Bank Accounts and recognises the benefits they bring. Along with my counterparts in the Scottish Government and the Royal Bank of Scotland I look forward to sharing our experience of using PBAs at the Scotland Excel webinar and welcome the opportunity to highlight the administration of PBAs and giving examples of the schemes where they have been implemented.”
People can sign up for the free webinar through Eventbrite https://www.eventbrite.co.uk/e/local-construction-the-benefits-of-using-project-bank-accounts-tickets-123657495899