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Prompt Payment Code - Signatories Pledge

Code signatories pledge to: 

Pay suppliers on time

  • Within the terms  agreed at the outset of the contract, or 30 days, in accordance with legislation
  •  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 

  • Provide suppliers with clear and easily accessible guidance on payment procedures
  • Advise them promptly if there is any reason why an invoice will not be paid to the agreed terms
  • Ensure there is a system for dealing with complaints and disputes which is communicated to suppliers 

Code signatories agree to:

Encourage good practice

  • By requesting that lead suppliers encourage adoption of the code throughout their own supply chains.