Procurement Advice Note & Guidance on Project Bank Accounts

The Minister for Finance, Jane Hutt, has announced publication of a Procurement Advice Note and Guidance document produced by Value Wales on the implementation of Project Bank Accounts (PBAs) within public sector construction and infrastructure projects. Attached are copies of the documents which can also be found on the Procurement Route Planner

8th April 2014

The Minister for Finance, Jane Hutt, has announced publication of a Procurement Advice Note and Guidance document produced by Value Wales on the implementation of Project Bank Accounts (PBAs) within public sector construction and infrastructure projects. Attached are copies of the documents which can also be found on the Procurement Route Planner 

PBAs are a mechanism to ensure fair payment throughout the supply chain and builds on the requirements of the Welsh Fair Payment Guidance. PBAs can be applied to each project to provide a transparent process of ensuring prompt payment to sub contractors.

The advice note and guidance has been produced to support a consistent approach to ensure they are set up and used effectively. Public sector bodies in Wales are requested to build the use of PBAs into their construction and infrastructure work programmes initially for any suitable contracts over £1m and running for more than 4 months. The ability to use PBAs should be built into all new frameworks.

We anticipate there will be a period within all organisations where the process will be trialled on a few projects and the attached guidance document is available to assist with the implementation of PBAs . Value Wales is also undertaking a procurement exercise for provision of specialist support and guidance on implementation of PBA. This contract will be accessible to Welsh Public Sector bodies to call off for specialist advice when implementing PBAs into a project to ensure a consistent and best practice approach is adopted, further details will follow.
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