HS2 backs PBAs
HS2 has confirmed it will back project bank accounts (PBAs) after a successful trial of the payment system on two enabling works contracts.
They are now engaging with their construction contractors to roll-out PBAs across existing and future contracts – which could total as many as 400,000.
The move will help ensure SME contractor cashflow is protected, as well as safeguarding them against the risk of upstream insolvency.
Andy Cross, HS2 Rail Systems Procurement Director, said: “I am thrilled that we have taken this crucial step to further strengthen our fair payment policies and in so doing, support companies at all levels of the supply chain through the use of PBAs.”