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Prompt Payment Code

QinetiQ became a signatory to the prompt payment code in 2013 and has re-committed to the terms of the new code, issued by the Small Business Commissioner in January 2021. By doing we will both abide by its requirements and promote its adoption across our supply chain.

Find out more about the Prompt Payment Code


Discover full details on the prompt payment code by clicking the button below to their website.

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supply chain

In summary our commitment to the code means QinetiQ Ltd will seek to:

 

  • Pay 95% of invoices within the agreed payment terms, without attempting to change terms retrospectively.
  • Pay 95% of all invoices within 60 days, and 95% of invoices from businesses with fewer than 50 employees within 30 days.
  • Acknowledge suppliers right to use late payment legislation to invoice for late payment interest and charges when appropriate.
  • Provide clear and easily accessible guidance on payment procedures and invoicing requirements at on-boarding stage and on an ongoing basis.
  • Ensure there is a system for dealing with complaints and disputes which is clearly. communicated, and providing a contact-point (or online portal) for them to ascertain the status of invoices being processed.
  • Advise suppliers immediately if there is any reason why an invoice will not be paid to the agreed terms.
  • Use the PPC logo to demonstrate commitment to the Code principles and enhance supplier confidence.
  • Avoid any practices that adversely affect the supply chain.
  • As a signatory ourselves we recommend the adoption of the code by all our suppliers.