fair payment

Prompt Payment to be Duplicated by ‘Fair Payment’?

The announcement of the Government’s plan for a ‘fair payment’ code, to accelerate payments to sub-contractors on public construction projects, has received a cautious reception from the Institute of Credit Management (ICM) and Bacs Payment Schemes Limited (Bacs), already working in partnership to build awareness of the issue of late payments in the UK, through the Prompt Payment Code. Launched in 2008, the Prompt Payment Code is hosted and administered by the ICM, on behalf of the Government’s Department for Business Innovation and Skills (BIS). The Code is designed to encourage and promote best practice between organisations and their suppliers and a recently launched BIS guide to getting paid on time is part of the marketing programme designed to promote the Code. Philip King, chief exe... »