Our payment policy

Yorkshire Forward is committed to paying its suppliers in a prompt manner, to signal our intent we have signed up to the Prompt Payment Code an initiative from the government’s department of Business, Innovation and Skills (BIS). This initiative is designed to provide suppliers with clear guidance on payment procedures and ensure there are clear systems to deal with disputes.

Peter Mandelson, Secretary of State for Business said:
"The Prompt Payment Code is another critical step in a series of structured initiatives devised by the government with The Institute of Credit Management (ICM) to tackle the crucial issue of late payment and help small businesses especially. Suppliers can have confidence in any company that signs up to the code that they will be paid within clearly defined terms, and that there is a proper process for dealing with any payments that are in dispute. This is an exciting development, and we shall regularly monitor its performance to ensure best practice is being followed."

What is the code?

We adhere to the prompt payment code which means we:

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 
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 
Encourage good practice 
  • by requesting that lead suppliers encourage adoption of the code throughout their own supply chains 

How are we performing?

Yorkshire Forward aims to pay all undisputed invoices within 30 days. We also aim to pay all undisputed invoices from small to medium sized enterprises (SMEs) within 10 working days.

In 2008/09 Yorkshire Forward paid 95% of all undisputed invoices within 30 days (2007/08 97%) and between November 2008 and March 2009 we paid 93% undisputed invoices from SMEs within 10 days.

Yorkshire Forward committed to improving this performance in 2009/10 financial year,  in the quarter April to June 2009 we achieved 95% of SMEs paid in 10 days and 99% of all suppliers paid within 30days. 

In April 2010 we achieved 99% of SMEs paid in 8 working days (as reported to BIS)

For further information on the prompt payment code

Visit: www.promptpaymentcode.org.uk