Prompt Payment Code

The Dept for Business is urging businesses, especially leading companies, to sign up to a New Code of Practicet that aims to speed up the payment of business bills. It has been developed by the Dept with the Institute of Credit Management and is now being hosted by the Institute at www.promptpaymentcode.org.uk, together with a facility for small businesses to raise their concerns about late payers. 'The Prompt Payment Code' focuses on: a commitment to pay supliers on time, within agreed terms; the provision of clear guidance to suppliers on payment procedures and a system for dealing with complaints and disputes; and the encouragement of good practice, by ensuring lead suppliers also adopt the code throughout their supply chains {DBERR Public Enquiries; tel:020 7215 5000}.

Published: 30.3.2009