INNOVATIVE SOLUTIONS FOR DEFENCE AND SECURITY

Prompt Payment Code

Drumgrange has become a signatory of the Prompt Payment Code.

The Prompt Payment Code (PPC) sets standards for payment practices and is administered by the Chartered Institute of Credit Management on behalf of the Department for Business, Energy and Industrial Strategy (BEIS). Compliance with the principles of the Code is monitored and enforced by the Prompt Payment Code Compliance Board. The Code covers prompt payment, as well as wider payment procedures.

As a code signatory we undertake to:

1. 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.

2. 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.

3. Encourage good practice

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

 

For further information please contact Abi Abraham on aabraham@drumgrange.co.uk

Posted: Monday, December 17, 2018