PRESS RELEASE: 45-day Payment Period for Tier One Contractors
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The Georgetown Chamber of Commerce and Industry (GCCI) welcomes the inclusion of a 45-day payment period in the Local Content Master Plan by Tier 1 contractors. In this regard, the GCCI takes the opportunity to commend the Government of Guyana for creating the obligation and enforcement mechanism of the payment timeline for Tier 1 contractors.
The Chamber has been of the firm view that, to fully realize the benefits of the Local Content legislation, suppliers to the industry must be paid within a timely fashion, such as the identified 45-day period. It is, however, unfortunate that the Tier 1 contractors could not make timely payments in an independent manner, without having to be regulated into such by the Government of Guyana.
The GCCI calls upon Tier 1 contractors to play their part in the development of local content and operate both within the spirit and intent of the legislation. The Chamber looks forward to improved efforts by the Tier 1 contractors to support local content and, by extension, private sector development.
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