The Prompt Payment Code
The CBI was a founder signatory to the recently announced Prompt Payment Code
This code commits us to:
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
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
Encourage good practice
By requesting that lead suppliers encourage adoption of the code throughout their own supply chains
Our normal payment terms for an approved invoice are 30 days from invoice date. Exceptions to this may arise where there is disagreement over the invoice or it is received with insufficient time for processing. In the exception cases payment is made as soon as possible after agreement or receipt of the invoice as relevant.
Where there is a dispute over an invoice our policy is to communicate this to the supplier as soon as the difference of view is apparent and agree how to proceed towards resolution.
We encourage you to adopt this Prompt Payment Code for your own suppliers.
If you have any issue over payment terms and this policy please contact me in the first case.
CBI accounts payable