- June 22, 2020
- Posted by: Nick Edwards
- Categories: Latest News, RQA Group
RQA is proud to be a signatory of the UK Government Prompt Payment Code that sets standards for payment practices between organisations of any size and their suppliers. RQA Group has just become a signatory, although we have complied with the requirements for 18 years. If you have payment terms greater than 30 days, speak to your finance / procurement departments and encourage them to sign up to the code for a fairer supply chain. Read on to see if your company is a signatory.
Becoming a signatory of the Prompt Payment Code and committing to good payment, benefits both suppliers and customers and is fundamental to bringing about a culture change in late payment and boosting the economy.
Signatories undertake to:
1) pay suppliers on time, within agreed terms;
2) give clear guidance to suppliers on terms, dispute resolution and prompt notification of late payment;
3) support good practice throughout their supply chain by encouraging adoption of the Code.
4) undertake to pay 95% of invoices within a maximum of 60 days, work towards adopting 30 days as the norm and avoid any practices that adversely affect the supply chain.
There are 2491 companies signed up to the code, include many large and small businesses. Some of the larger ones are listed below, or for a full list and more information on the scheme, click here.
Associated British Foods
Bank of England
John Lewis Partnership
John West Foods
Mills & Reeve LLP
Severn Trent Water
Smith & Nephew
Tate & Lyle
The Jordans and Ryvita Company