Today (1 July 2021) the Code has been strengthened.
- confirming the requirement to pay 95% invoices within 60 days
- introducing an added requirement that 95% invoices from small businesses (with less than 50 employees) must be paid within 30 days
- requiring small and medium sized signatories to report annually on their payment performance, on a comply of explain basis
- promoting and strengthening the Code website
- requiring signatories to recognise the right of suppliers to charge late payment interest and charges if an invoice is paid late without justification
- stating that applications to join the Code must be signed by the Chief Executive, Finance Director or, in the case of smaller businesses, the company owner
- suppliers should be provided with a contact point for payment queries
Signing up to the Code: Click here to sign up.