What is the Fair Payment Code and how does it impact UK construction contractors?
This latest eBook is your ultimate guide to the Fair Payment Code, a comprehensive framework designed to transform payment culture across the UK construction industry and wider business landscape.
The impact of poor payment practices in construction cannot be overstated. This new Code replaces the Prompt Payment Code with a more ambitious and robust framework designed to address the persistent challenges of late payments that have long plagued the construction sector.
"Paying quick and fair has never been more important given the challenges suppliers face through rising costs, problems accessing funding and the reduction in capacity of customers to spend."
Liz Barclay
Small Business Commissioner
Office of the Small Business Commissioner (OSBC)
Download our free eBook now and get a comprehensive overview of the Fair Payment Codes awarding criteria and how code compliance can lead to a competitive strategic advantage.
Understanding the new Fair Payment Code and awarding tiers
Designed to support smaller firms and encourage fairer transactions through the fundamental principles of being Clear, Fair and Collaborative. The Gold, Silver and Bronze awards offer a clear pathway for progression while recognising different levels of payment performance.
Practical implementation challenges and future considerations
Construction companies will need to invest significant time and resources into complying with the Fair Payment Code, thinking beyond immediate compliance, to longer-term payment practice transformation, representing a significant commitment to fair payment practices.
Making the code work for your business
Success with the Fair Payment Code requires a systematic approach to implementation with an increasing demand placed on digitisation and automation.