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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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.