October 19, 2021
News
We're passionate about supporting small businesses, so we've signed up for the Prompt Payment Code. Operated by the Small Business Commisioner, becoming a signatory of the Prompt Payment Code (PPC) means that we are committed to good payment practice, and is fundamental in bringing about the culture change in late payment and therefore boosting the economy.
The Ethos of the Code
Signatories have always undertaken to:
1) pay suppliers on time, within agreed terms;
2) give clear guidance to suppliers on terms, dispute resolution and prompt notification of late payment;
3) support good practice throughout their supply chain by encouraging adoption of the Code.
In addition, the code has recently been strengthed by:
- Confirming the requirement to pay 95% invoices within 60 days
- Introducing an added requirement that 95% of invoices from small businesses (with less than 50 employees) must be paid within 30 days (effective from 1 July 2021 for existing signatories)
- Requiring small and medium-sized signatories to report annually on their payment performance, on a comply of explaining basis
- Promoting and strengthening the Code website
- Requiring signatories to recognise the right of suppliers to charge late payment interest and charges if an invoice is paid late without justification
- Stating that applications to join the Code must be signed by the Chief Executive, Finance Director or, in the case of smaller businesses, the company owner
- Suppliers should be provided with a contact point for payment queries
The signing of the PPC is part of our wider CSR policy. For further details please contact Tanya Fitzgerald.
