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The Prompt Payment Code is a voluntary Code administered by the Chartered Institute of Credit Management (CICM) on behalf of Government. Signatories to the Code sign up to pay 95% of invoices in 60 days, with an ambition to move toward 30-day payment terms. Signatories who do meet the standard are invited to submit a plan to CICM setting out clearly how they will improve their performance. Those who submit a satisfactory plan and subsequently demonstrate compliance are suspended from the Code and can be reinstated in the future. Those who do not engage with CICM, and fail to submit a plan, will be removed.<\/p>

Starting in September this year, suppliers could be excluded from winning Government contracts if they fail to pay subcontractors on time. Under the new rules, suppliers who bid for government contracts above £5m per annum, who cannot show they are paying 95% of invoices within 60 days, risk being prevented from securing government contracts. We have contacted all suppliers reminding them of this initiative and their responsibilities on prompt payment.<\/p>

<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/2616", "label" : {"_value" : "Biography information for Lord Henley"} } , "answeringMemberPrinted" : {"_value" : "Lord Henley"} , "dateOfAnswer" : {"_value" : "2019-05-20", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-05-20T16:05:42.333Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "201"} , "answeringDeptShortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "answeringDeptSortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "date" : {"_value" : "2019-05-13", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Business: Billing"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 10 May (HL15375), what action, if any, they plan to take to penalise those companies who do not comply with the Prompt Payment Code; and whether this will include removing those companies from all Government tenders until such companies have demonstrated compliance.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3526", "label" : {"_value" : "Biography information for Lord Berkeley"} } , "tablingMemberPrinted" : [{"_value" : "Lord Berkeley"} ], "uin" : "HL15659"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 1, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }