Prompt payment is a commercial discipline which requires businesses to:
agree fair and reasonable payment terms with their suppliers
ensure suppliers' invoices are approved and paid within agreed terms
encourage adoption of the same practices throughout their supply chain.
It is the opposite of late payment, to which the European Union's Late Payments Directive and the Late Payment of Commercial Debts (Interest) Act 1998 in the United Kingdom are directed. Prompt payment may also be contrasted with excessively long or grossly unfair payment terms, such as payment terms in excess of 60 days, even where such terms are honoured by the business making payment. Other terminology adopted to express this discipline includes "fair payment", for example in the construction industry,[1] and "responsible payment", a term used by the UK Government when countering what was seen as a "late payment culture".[2]
^Bingham, T., Fair Payment under NEC 3 Construction Contracts, published 9 August 2010, accessed 28 November 2020
^Cite error: The named reference resp was invoked but never defined (see the help page).
Promptpayment is a commercial discipline which requires businesses to: agree fair and reasonable payment terms with their suppliers ensure suppliers'...
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over late payment". Construction Enquirer. Retrieved 29 April 2019. Prior, Grant (12 February 2020). "F M Conway suspended from PromptPayment Code". Construction...
Sevenoaks in 2016. In February 2020, FM Conway was suspended from the PromptPayment Code for failure to pay suppliers on time. It was reinstated in August...
Easy. Secure". Secure Vault Payments. Retrieved 18 October 2013. "Interac Online Removal Details". 5 December 2022. A prompt to select from a list of institutions...
April 2019, Persimmon Homes was suspended from the UK Government's PromptPayment Code for failing to pay suppliers on time. It was reinstated around...
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the PromptPayment Code for failing to pay suppliers on time. Following improvements in its payment performance, it was restored to the PromptPayment Code...
Counted Bertie's Brainstorm The Old Curiosity Shop When Love Was Blind PromptPayment Stealing a Ride Only in the Way Adrift The Westerner and the Earl The...
with a 402 status code to prompt the user to renew their subscription. Paywalls: Websites that require users to make a payment to access specific articles...
Unified Payments Interface, commonly referred to as UPI, is an Indian instant payment system as well as protocol developed by the National Payments Corporation...
shamed over late payment". Construction Enquirer. Retrieved 29 April 2019. Prior, Grant (26 July 2019). "Costain reinstated to PromptPayment Code". Construction...
economy could efficiently produce with limited productive resources PromptPayment Code, a voluntary code of practice for businesses Public Power Corporation...
In April 2019, Balfour Beatty was suspended from the UK Government's PromptPayment Code, for failing to pay suppliers on time. It was reinstated around...
for purposes prescribed by law that, among other things: requires the promptpayment of compensation and ensures parties access to the court for the determination...
Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate...
ground that promptpayment of a part of their demand may be more beneficial to them than it would be to insist on their rights and enforce payment of the whole...
severed fingers along with the ransom demand as a way of encouraging promptpayment. Besides bandits, the rank-and-file of the warlord armies tended to...
In macroeconomics and finance, a transfer payment (also called a government transfer or simply fiscal transfer) is a redistribution of income and wealth...
currency storage and payment for those who do not wish to take part in other systems, and make small payments conveniently and promptly, though this latter...
other claim, or a reduction in the claim or account made to induce a promptpayment, is in a proper sense an adjustment. Indiana Lumbermen's Mutual Ins...
get something in return. Not only have they stipulated upon getting promptpayment indeed, but they also contrive to get a large instalment in advance...
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