Prompt Payment Code
The Prompt Payment Code (PPC) is a voluntary code of practice for businesses, administered by the Office of the Small Business Commissioner (SBC) on behalf of BEIS – the Department for Business, Energy and Industrial Strategy. It sets standards for payment practices between organisations of any size and their suppliers.
As part of our Better Business Policies, we have decided to sign the PPC to demonstrate our commitment to focussing on our impact on the people around us, which includes those partners and suppliers we work with and who help us to design high quality buildings.
What does this mean in practice?
As signatories of the code, it means we undertake to:
1. Pay Suppliers on Time
This means within the terms agreed at the outset of the contract and without attempting to change payment terms retrospectively or changing practice on length of payment for smaller companies on unreasonable grounds.
It is our intention to meet all terms agreed with our suppliers and within a 30 day time frame.
2. Provide Clear Guidance to Suppliers
This means providing suppliers with clear and easily accessible guidance on payment procedures and 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
We will establish clearly at the outset of any supplier engagement the process for paying them. Where there is any dispute, we have a clear complaints policy.
3. Encourage Good Practice
This means requesting that lead suppliers encourage adoption of the code throughout their own supply chains.
You can find out more about the Prompt Payment Code here.