Prompt Payment Code

Time 2021-01-09 06:03:09

Web Name: Prompt Payment Code

WebSite: http://www.promptpaymentcode.org.uk

ID:161237

Keywords:

Prompt,Payment,Code,

Description:

Responsibility for the Prompt Payment Code has now been transferred to the Office of the Small Business Commissioner in line with the Government's stated ambition to bring all late payment initiatives under a single umbrella. See the recent press release giving more details here: http://bit.ly/38z2EE5The Code, and details of signatories, is now at https://www.smallbusinesscommissioner.gov.uk/ppc/ "Small businesses are the backbone of our economy and this Government's Industrial Strategy is building a Britain in which they can continue to thrive. Over the last 5 years the amount owed to smaller businesses in late payment has more than halved but we want to see payment practices improve even further.The Prompt Payment Code sets the gold standard in payment terms and plays an important role in bringing about a culture change in payment practices. This, alongside a package of measures taken forward by government and industry, demonstrates our commitment to tackling late payment.Alongside the Code, businesses can use the newly introduced Payment Practices Reporting website to find out more information about the payment behaviour of larger businesses and the Small Business Commissioner website to find out further advice on resolving payment issues." within the terms agreed at the outset of the contract without attempting to change payment terms retrospectively without changing practice on length of payment for smaller companies on unreasonable grounds providing suppliers with clear and easily accessible guidance on payment procedures (click to see the 'Treating Suppliers Fairly' guide) ensuring there is a system for dealing with complaints and disputes which is communicated to suppliers advising them promptly if there is any reason why an invoice will not be paid to the agreed terms by requesting that lead suppliers encourage adoption of the code throughout their own supply chains Additionally, signatories undertake to pay suppliers within a maximum of 60 days* (in line with late payment legislation requirements), to work towards adopting 30 days as the norm, and to avoid any practices that adversely affect the supply chain. * Paying invoices within 60 days is a requirement (this is met by paying 95% of invoices within this period) The Code Compliance Board will have the remit to investigate and, if need be, act when a term in a contract exists or changes in a way that a supplier claims to be grossly unfair. If you pay promptly, then it's a real benefit to your supplier and potentially to you, the customer, as you could benefit too by receiving more favourable pricing or service which could make you more competitive. Once approved, you can use the PPC logo on your documentation and website to show that you are serious about good payment practice. The Chartered Institute of Credit Management (CICM) is the largest professional credit management organisation in the world. It represents the credit profession across trade, consumer and export credit, as well as in related activities such as collections, credit reporting, credit insurance and insolvency. Visit www.cicm.com for more cashflow and credit management advice. #promptpayment#promptpaymentcode

TAGS:Prompt Payment Code 

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