i10 is proud to have been added as a signatory to the Prompt Payment Code.
Administered by the Office of the Small Business Commissioner on behalf of BEIS, the Prompt Payment Code (PPC) is a voluntary code of practice for businesses. It was established in December 2008 and sets standards for payment practices between organisations of any size and their suppliers.
As a signatory, we have undertaken to:
1) pay suppliers on time, within agreed terms; 2) give clear guidance to suppliers on terms, dispute resolution and prompt notification of late payment; 3) support good practice throughout our supply chain by encouraging adoption of the Code.
Crucially, this demonstrates our alignment with PPN 08/21 in which the Government recognises the importance of prompt, fair and effective payment in all businesses, ensuring businesses have a healthy cash flow. This Procurement Policy Note (PPN) sets out how payment approaches can be taken into account in the procurement of major Government contracts. For future procurements, we welcome an assessment of our payment systems, confident that we can demonstrate that we have a reliable supply chain - putting us ahead of many of our competitors who may be excluded if they cannot demonstrate they have effective systems in place.
In changes announced on 19 January 2021, the Code has been strengthened by:
confirming the requirement to pay 95% invoices within 60 days
introducing an added requirement that 95% of invoices from small businesses (with less than 50 employees) must be paid within 30 days (effective from 1 July 2021 for existing signatories)
requiring small and medium-sized signatories to report annually on their payment performance, on a 'comply or explain' basis
promoting and strengthening the Code website
requiring signatories to recognise the right of suppliers to charge late payment interest and charges if an invoice is paid late without justification
stating that applications to join the Code must be signed by the Chief Executive, Finance Director or, in the case of smaller businesses, the company owner
suppliers should be provided with a contact point for payment queries
i10 Director and Founder, Mark Hastings said "This is another example of i10 living our values and making sure that we actually do the right thing, not just talk about doing the right thing. We are proud signatories of the Prompt Payment Code and, along with our commitments to support diversity and inclusion under the Tech Talent Charter and our Carbon Negative status, we really are leading by example".