The Small Business Protections Bill (formally known as the Commercial Payments Bill) aims to put a clear duty on large firms to pay smaller suppliers on time and to give small businesses the certainty they need to keep investing, supporting jobs and growing their communities.
It will introduce stronger new powers for the Small Business Commissioner to investigate, adjudicate disputes and fine persistent late payers with potential penalties worth tens of millions
It will place a 60-day cap on payment terms for large firms, introduce mandatory interest on late payments, and take action to ban the practice of retentions in construction.
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