Saturday, September 12, 2009

Kier switches to 60-day payment

Kier has admitted extending its payment terms to 60 days.

The firm joins Rok and Carillion, which have also switched from 30-day payments to 60 days.

In a statement Kier said: “Sixty days is a general starting point for payment for some suppliers and subcontractors but we have a sensible commercial decision process that has due regard for the company concerned and the individual circumstances.”

The news of Kier's move to 60 days has renewed fears that smaller firms in the supply chain are being made to bear the brunt of the slump in the construction sector.

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