Prompt Payment Code: Difference between revisions
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*[[Open account]] | *[[Open account]] | ||
Revision as of 06:37, 2 February 2022
(PPC).
Prompt payment of suppliers is encouraged or required by a number of initiatives.
Examples include the UK’s voluntary Prompt Payment Code and the EU’s mandatory Late Payment Directive 2011/7.
As an example, signatories to the UK Prompt Payment Code undertake to pay suppliers within a maximum of 60 days (in line with late payment legislation requirements), to work towards adopting 30 days as the norm, and to avoid any practices that adversely affect the supply chain.
The UK Prompt Payment Code is administered by the Chartered Institute of Credit Management (CICM).
Similar codes and legislation have been implemented in a number of jurisdictions.
See also
- Chartered Institute of Credit Management
- Credit
- Late Payment Directive
- Norm
- Open account
- Payment practices reporting
- PPC Compliance Board
- Small Business Commissioner
