OnDemand webinar - navigating the Prompt Payment Code

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The Prompt Payment Code was established in December 2008 and sets standards for payment practices between organisations of any size and their suppliers. Enjoy this OnDemand webinar as we chat to Philip King, former CEO of the Chartered Institute of Credit Management, and Chris Harrison, Business Manager at Hanson Contracting, as we navigate the Prompt Payment Code, look at the recent changes, and how technology can support your business.

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What's on the agenda?

Understanding the Prompt Payment Code is vital if you run a construction business that works on public sector contracts.

The Prompt Payment Code is entirely voluntary and sets standards for payment practices between organisations of any size and their suppliers. In this webinar, we hear real-life examples about navigating Prompt Payment and discuss how technology can help.

What is the Prompt Payment Code?
What are the challenges?
Benefits to following Prompt Payment
How technology helps improve your payments process

Starting from 1st April 2024, businesses who are bidding for public sector contracts over £5M, will have to evidence that they pay all of their invoices within an average of 55 days.

Bidders can be excluded from the selection process if they're not paying 95% of their invoices within 60 days AND paying ALL of their invoices in an average of 55 days. This is set to tighten even further, to an average of 45 days from April 2025.