Late payments to engineering firms average 76 days

Small engineering firms and consultants wait an average of 76 days to receive payment, according to the Association for Consultancy and Engineering (ACE). The ACE also found that 20% of smaller firms waited over 100 days for outstanding payments. Nelson Ogunshakin, chief executive of the ACE, said that the long wait times faced by these firms "can cause significant risks for their business as cash flow proves tight and lending conditions remain difficult." However, he added that the ACE appreciates the Government's commitment to establishing a maximum 28-day payment period under the Fair Payment Charter.

There is more on this story at:
http://www.acenet.co.uk/small-engineering-companies-wait-76-days-for-payment/564/6/1/8