The new Fair Payment Code has been launched by the UK Government to encourage businesses across the UK to pay promptly. Businesses may now apply for the award tier which best suits them: Gold, Silver or Bronze. The tiered system of awards is aimed at awarding best practice and driving improvements in payment performance. The three award tiers are:
- Gold Award – for those firms paying at least 95% of all invoices within 30 days
- Silver Award – for those paying at least 95% of all invoices within 60 days, including at least 95% of invoices to small businesses within 30 days
- Bronze Award – for those paying at least 95% of all invoices within 60 days
In addition, every business granted an award agrees to abide by the Code’s principles of being Clear, Fair and Collaborative with their suppliers.
The new Fair Payment Code replaces the Prompt Payment Code.