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Prompt Payment Code

Prompt Payment Code

Approved signatories undertake to:
   
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
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
Encourage good practice
 
  • by requesting that lead suppliers encourage adoption of the code throughout their own supply chains