Accelerator Directory / The Prompt Payment Code

Business Description

"The Prompt Payment Code (PPC) sets standards for payment practices and best practice and is administered by the Chartered Institute of Credit Management - on behalf of the Department for Business, Energy & Industrial Strategy. Compliance with the principles of the Code is monitored and enforced by the Prompt Payment Code Compliance Board. The Code covers prompt payment, as well as wider payment procedures.

Code signatories undertake to:
1. PAY SUPPLIERS ON TIME
:: 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

2. GIVE CLEAR GUIDANCE TO SUPPLIERS
:: providing suppliers with clear and easily accessible guidance on payment procedures
:: 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

3. ENCOURAGE GOOD PRACTICE
:: 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."

Registered Address

Chartered Institute Of Credit Management
The Water Mill, Station Road
South Luffenham
OAKHAM
LE15 8NB

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