Prompt Payment Code
Nurtured Properties is proud to be signed up to the Prompt Payment Code (the “Code”) and has had 30-day standard payment terms since the beginning.
We strongly believe that fair and transparent payment practices are essential to creating a more collaborative culture and ensuring a strong, resilient and sustainable supply chain.
The Code sets standards for payment practices and best practice and is administered by the Chartered Institute of Credit Management on behalf of the Department for Business, Energy and Industrial Strategy. Compliance with the principles of the Code is monitored and enforced by the Prompt Payment Code Compliance Board. The Code covers prompt payment, as well as wider payment procedures.
The Prompt Payment Code (PPC) aims to improve the supply chain cash flow for UK firms by tackling the issue of late payment. The voluntary code of practice publicly signifies organizations’ commitment to fair payment terms to suppliers
The code requires companies that sign on to it, to pay 95% of all supplier invoices within 60 days.
to improve the supply chain cash flow for UK firms by tackling the issue of late payment. The voluntary code of practice publicly signifies organizations’ commitment to fair payment terms to suppliers.
We encourage all of our suppliers to adopt the Code which undertakes to:
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
(click to see the 'Treating Suppliers Fairly' guide)
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
Whether large or small, businesses in the UK should be aware of the increasing demands for transparency and consistency in payment practices.
A valid invoice is one that:
is delivered on time in accordance with the contract
is for the correct sum
is in respect of goods or services supplied/delivered to the required quality
includes the date, supplier name, contact details and bank details
quotes the relevant purchase order reference to comply with our No PO, No Pay policy - the purchase order number will contain 16 alphanumeric characters, e.g. A010116POH000111
is emailed to: info@nurturedproperties.com, contact number: 020 3314 0550 or delivered to:
Flat 32
23 Maud Street
London
E16 1YU
Suppliers should provide correct bank details and email addresses to Nurtured Properties to facilitate payment. Changes in address or bank details must be declared to Nurtured Properties no less than 4 weeks before they take effect.
Payment Methods
We process supplier payments twice a month and pay our suppliers using BACS (Bank Automated Clearing System) only. Nurtured Properties is not responsible for any delays in payments being made which are outside of our control (e.g. where our Banking Provider suffers from technical failures or otherwise delays the processing of such payments).
Remittance advice notes are emailed to the supplier once the payment has been processed.
Payment Disputes
Nurtured Properties will address suppliers promptly of any disputes or reasons why an invoice will not be paid in accordance with the agreed terms. Invoices that are subject to dispute will not be paid until resolution of the dispute. Once resolved, payment will be made in accordance with the terms of this policy and the Code.
Further information on the charter can be found by clicking the link below or by visiting their website.
