Just nine members of the UK Contractors Group (UKCG) are still choosing not to commit to the government-backed Prompt Payment Code after Midas and Seddon opted to back the voluntary initiative.
Midas and Seddon both signed the code last month, more than a year after the government asked Tier One contractors to support the scheme.
The Prompt Payment Code is administered by the Institute of Credit Management on behalf of the Department for Business, Innovation & Skills (BIS).
Code signatories undertake to:
1. 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
2. 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
3. Encourage good practice
- by requesting that lead suppliers encourage adoption of the code throughout their own supply chains.
The nine UKCG members that have still not signed the Prompt Payment Code are:
- D+R Scaffold Group
- Galliford Try
- Shepherd Construction
See the full list of signatories on the Prompt Payment Code website.