The Prompt Payment Code (PPC) requires signatories to pay 95% of undisputed invoices within 60 days, unless there are exceptional circumstances. Following publication of data under the Duty to Report, PPC signatories that do not comply will be contacted by the Chartered Institute of Credit Management (CICM). The CICM will look to agree an action plan for improvement and the signatory’s performance will be reviewed on publication of their next report. Any signatory that does not engage in this process may be put on notice and removed from the PPC.
Publication of the payment performance of Build UK Contractor members at the end of July resulted in a significant increase in visitors to the Build UK website. This demonstrates the value of transparency on this fundamental issue, which will help the construction supply chain to make more informed decisions and drive good practice.
The next set of results will be published on 30 October. These will include the remaining Build UK Contractor members, as well as eligible Client and Specialist Contractor members. Information on all businesses that are required to report under the Duty to Report on Payment Practices and Performance can be found on GOV.UK.
Source: Build UK
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