Prompt Payment Code


	Thank you for visiting the Prompt Payment Code website. The major business organisations including BCC, CBI, FPB, FSB and IoD are championing the importance of paying suppliers promptly and within agreed timescales - click here to show suppliers your commitment to them.

The Prompt Payment Code is another critical step in a series of structured initiatives devised by the government with The Institute of Credit Management (ICM) to tackle the crucial issue of late payment and help small businesses especially. Suppliers can have confidence in any company that signs up to the code that they will be paid within clearly defined terms, and that there is a proper process for dealing with any payments that are in dispute. This is an exciting development, and we shall regularly monitor its performance to ensure best practice is being followed.

Peter Mandelson
Secretary of State for Business

Approved signatories undertake 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


	Click apply to become a signatory to the Prompt Payment Code.

The Prompt Payment Code is sponsored, hosted and administered by

on behalf of

and supported by :


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The Institute of Credit Management (ICM) is the largest professional credit management organisation in Europe. It represents the credit profession across trade, consumer and export credit, as well as in related activities such as collections, credit reporting, credit insurance and insolvency.

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