The Prompt Payment Code (PPC) is a voluntary code of practice for businesses, administered by the Office of the Small Business Commissioner (SBC) on behalf of BEIS. It was established in December 2008 and sets standards for payment practices between organisations of any size and their suppliers.
The Ethos of the Code
Signatories have always undertaken 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.
The Code has subsequently been strengthened and requires signatories to undertake to pay 95% of invoices within a maximum of 60 days, however we have adopted 30 day terms as the norm and avoid any practices that adversely affect any supply chain.
Wherever possible, within the terms of contractual arrangements with production companies, staff will benefit from a 15 day payment of timesheets.
Why not sign up to the code: Click here to sign up.
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