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KFTC introduces direct subcontract payment system

( April 8, 2016, 06:16 GMT | Official Statement) -- MLex Summary: The Korea Fair Trade Commission has introduced a system that allows public agencies to make subcontract payments directly in order to prevent unfair subcontracting practices. The new system will be used by 17 local governments and 20 national agencies. Agencies using the system no longer need to go through first-tier subcontractors when making payments to lower-tier subcontractors, which are generally small and medium-sized companies. This year’s direct payments are expected to be worth 16 trillion won ($13.8 billion), or 47 percent of all funds spent via public tenders. The commission plans to keep analyzing payment processes in order to encourage more agencies to use the system.The regulator's statement, in Korean, is attached....

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