Prompt Payment Code Commitment
Last Updated on 27 April 2023 by SA Safety
At SA Safety we know that looking after our partners, supply chain and contractors is not only the right thing to do; it also makes good business sense to invest in people and companies we value. To show that we mean business, we’ve recently signed up to the Prompt Payment Code.
How does it work?
Soaring costs for businesses make it even more vital that we pay our suppliers – especially the smaller firms – promptly. To show our commitment to our supply chain, we have now signed up to the Prompt Payment Code; a voluntary code of practice administered by the Office of the Small Business Commissioner which recognises that speed and certainty of payment and stable cashflow are essential for all businesses to flourish and grow:
Paying suppliers or partners promptly and within the agreed payment terms is not only an ethical responsibility but economically beneficial for all parties and the wider economy.
Small Business Commissioner
What is the prompt payment code?
As a business we understand the importance of having a robust, loyal supply chain. By signing up to the PPC we undertake to:
- pay suppliers on time, within agreed terms
- give clear guidance to our suppliers on terms, dispute resolution and prompt notification of late payment
- support good practice throughout our supply chain by encouraging adoption of the Code.
- commit to pay 95% invoices within 60 days and 95% of invoices from small businesses within 30 days.
New reforms introduced in 2021 mean we further commit to
- report annually on our payment performance
- act to promote the Prompt Payment Code
- recognise the right of suppliers to charge late payment interest and charges if an invoice is paid late without justification
- provide our suppliers with a contact point for payment queries
We hope that this new accreditation, along with our commitment to paying the Real Living Wage shows our ongoing commitment to being exceptional, professional, and great to do business with!
