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Costain signs up to Prompt Payment Code

Contractor Costain has signed up to the Department for Business, Innovation and Skills’ Prompt Payment Code.

Contractor Morgan Sindall has also signed up to the code, which is a voluntary agreement to encourage punctual payment of suppliers.

Many companies have not signed up to the code - business and enterprise minister Michael Fallon wrote to companies in November 2011 urging them to sign up.

 

The Prompt Payment Code

Signatories of the code agree to:

  • Pay suppliers on time within the agreed terms.
  • Provide suppliers with clear guidance on payment procedures.
  • Create systems for dealing with complaints and disputes and to tell the suppliers about it.
  • Tell suppliers promptly if there is any reason why an invoice will not be paid as agreed.
  • Convince suppliers to encourage adoption throughout their own supply chains.

 

They agree not to:

  • Change payment rights retrospectively.
  • Change practice on length of payment for smaller companies unreasonably.

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