Prompt payment code

SEEDA aims to pay all properly authorised invoices within 10 days of receipt, in accordance with Government accounting practice.

SEEDA is committed to improving our prompt payment performance. In the quarter October to December 2009 we achieved 94% of invoices paid within 8 days.

SEEDA is pleased to be an Approved Signatory of the Code.

What is the prompt payment code?

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: