CBI: The Prompt Payment Code
About the CBI

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.

Gill James
CBI accounts payable

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