{"id":287384,"date":"2020-11-25T16:09:19","date_gmt":"2020-11-25T06:09:19","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=287384"},"modified":"2020-11-25T16:09:19","modified_gmt":"2020-11-25T06:09:19","slug":"ugl-to-modify-payment-terms","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2020\/11\/25\/ugl-to-modify-payment-terms\/","title":{"rendered":"UGL To Modify Payment Terms"},"content":{"rendered":"<figure id=\"attachment_183051\" aria-describedby=\"caption-attachment-183051\" style=\"width: 200px\" class=\"wp-caption alignright\"><a href=\"https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2017\/07\/katecarnell1.jpg\"><img loading=\"lazy\" class=\"size-full wp-image-183051\" src=\"https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2017\/07\/katecarnell1.jpg\" alt=\"\" width=\"200\" height=\"316\" srcset=\"https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2017\/07\/katecarnell1.jpg 200w, https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2017\/07\/katecarnell1-190x300.jpg 190w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/a><figcaption id=\"caption-attachment-183051\" class=\"wp-caption-text\">Ombudsman Kate Carnell (Photo: ARC)<\/figcaption><\/figure>\n<p><strong>November 25, 2020<\/strong><\/p>\n<p>Australian Small Business Ombudsman Kate Carnell as welcomed a commitment by engineering group UGL to restore 30-day payment terms for its small business suppliers in the New Year.<\/p>\n<p>The announcement by CIMIC \u2013 which owns UGL \u2013 follows concerns raised by the Ombudsman in September last year regarding reports the engineering company had extended its payment terms to 65 days and notified suppliers to contact Greensill Capital if earlier payment was required.<\/p>\n<p>This prompted the ACCC to look into issues around extended payment terms and reverse factoring.<\/p>\n<p>\u201cWe welcome the announcement that CIMIC and UGL plan to return to 30-day payment terms for all of its small business suppliers by early next year as part of its yet-to-be-released Small Business Policy,\u201d Ms Carnell said.<\/p>\n<p>\u201cCIMIC says it will publish its Small Business Policy for its operating companies, including UGL and CPB contractors in the coming weeks, in which suppliers will be eligible for 30-day payments.<\/p>\n<p>&#8220;My office looks forward to reading this policy in detail.<\/p>\n<p>\u201cWe also acknowledge the leadership shown by Greensill Capital, which pledged in May to discontinue the use of supply chain finance facilities by companies that misuse its products by pushing out payment terms.<\/p>\n<p>\u201cWe know that late payments make a huge difference to small business\u2019 bottom line and that is only amplified for small businesses that have faced unprecedented challenges in 2020.&#8221;<\/p>\n<ul>\n<li><strong>Related article: <a href=\"https:\/\/southburnett.com.au\/news2\/2019\/09\/20\/ombudsman-targets-ugl\/\">Ombudsman Targets UGL<\/a><\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Australian Small Business Ombudsman Kate Carnell as welcomed a commitment by engineering group UGL to restore 30-day payment terms for its small business suppliers in the New Year.<\/p>\n","protected":false},"author":20,"featured_media":275591,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - 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