The bank job – a 12-step guidebook
Project bank accounts have been discussed as a concept for many years, but now there is evidence they work, and a clear 12-step plan to make them a reality across Welsh construction that’s backed by Welsh Government
The Welsh Construction Forum’s new “12-step guidebook” to support public and private sector construction partners to use project bank accounts for public sector contracts is due to be uploaded to the Business Wales Forum shortly.
The guidebook was produced by members of the Forum’s Infrastructure Working Group, Prof Rudi Klein who together with Michelle Morgan-Loughman (Actuate UK Wales) and Ed Evans (CECA Wales) drafted and formatted the document.
The use of PBAs provides cash-flow assurance to contractors and SME’s as part of the Welsh Government’s policy of fair payment. The interactive guidebook is available in Welsh and English, can be viewed here : Welsh language : https://bit.ly/3uyQ8kO English Language : https://bit.ly/3B6RJ3I.
Announcing the Guidelines, Deputy Minister for Climate Change and Chair of the Welsh Construction Forum, Lee Waters said “I’m delighted that these simple to use Project Bank Accounts Guidelines have come out of the Construction Forum. These guidelines provide confidence to construction clients, contractors and small businesses regarding payments especially during these extraordinary times. The guide complements the detailed information and training available via Business Wales and the Welsh Government. I am also delighted that some Local Authorities and contractors have already used the guidelines to great effect and look forward to working with the construction sector to ensure a stable sustainable thriving sector in Wales.”