Dubai Chamber of Commerce and Industry has announced the launch of a task force to address the issue of late payments.
The Task Force on Prompt Payment Practices for Subcontractors and Suppliers will explore the root causes of late payments, raise awareness about the matter and encourage the adoption of best payments practices within the business community in Dubai.
Research conducted by the task force will focus on analysing the gravity of the situation and create tools and processes in line with global best practices that can be adopted by companies to increase efficiency and promptness in payments.
Member companies will publish guidelines to help suppliers and sub-contractors avoid and manage late payments and encourage businesses to sign the Dubai Chamber Prompt Payment Charter under which businesses will commit to abiding by key principles and tackling the culture of late payment by setting a positive example. The Charter will also encourage signatories to develop policies for prompt payment and measure their own performance in paying their contractors.
Member companies on the task force are: Suez Middle East Recycling, Gerab Group, Scott Bader Middle East Limited, Hepworth, Dgrade LLC, Tristar Group, Pure Energy, Infofort and Dubai Technologies