Ryearch is now an approved signatory of the Prompt Payment Code, demonstrating that our payment procedures meet/exceed best practice standards, and that we are committed to the fair and equal treatment of suppliers.
The Prompt Payment Code (PPC) is administered by the Chartered Institute of Credit Management (CICM) on behalf of the Department for Business, Energy & Industrial Strategy (BEIS) and was developed to set the gold standard in payment terms and help bring about a culture change in payment practices.
In order to achieve the PPC badge of honour, Ryearch’s suppliers were contacted to support our application and verify that we:
1) Pay suppliers on time
- within the terms agreed at the outset of the contract
- without attempting to change payment terms retrospectively
- without changing practice on length of payment for smaller companies on unreasonable grounds
2) Give clear guidance to suppliers
- providing suppliers with clear and easily accessible guidance on payment procedures
- ensuring there is a system for dealing with complaints and disputes which is communicated to suppliers
- advising them promptly if there is any reason why an invoice will not be paid to the agreed terms
3) Encourage good practice
- by requesting that lead suppliers encourage adoption of the code throughout their own supply chains
This latest accolade for Ryearch demonstrates the strong relationship we have with our supply chain partners (suppliers and subcontractors) in the local construction sector. Many of these suppliers are smaller businesses and dependent on timely payment of their invoices, for effective cash flow.