Prompt Payment Code
Providing payment certainty to suppliers.
The Prompt Payment Code is an initiative developed by business for business, with the aim of improving cashflow between business and moving towards a culture of providing “payment certainty”.
The Code is supported by the Department of Enterprise, Trade and Employment and by our partners, the Irish Small and Medium Enterprises Association (ISME), the Small Firms Association (SFA), the Irish Business and Employers Confederation (IBEC), Chambers Ireland and the Banking & Payments Federation Ireland (BPFI).
Payment Certainty is a pledge to pay your suppliers on time
This means paying them:
- Within the terms agreed at the outset of the contract, and not attempting to change the terms retrospectively
- Within 30 days in accordance with legislation.
You can demonstrate to your suppliers that you take this matter seriously and make this pledge by becoming a signatory to the ‘Prompt Payments Code’.
Becoming a signatory to the ‘Prompt Payment Code’ does not alter contractual relationships and does not change the legal position in relation to late payments.