Most major construction companies have now signed the voluntary code, following encouragement from government ministers to do so. Apart from Wates, the big names not to have signed yet include Galliford Try, BAM, Vinci and ISG.
The code is championed by major business organisations including the CBI, the Federation of Small Businesses, British Chambers of Commerce and the Institute of Directors.
Code signatories undertake to pay their suppliers and subcontractors on time, within the terms agreed at the outset of the contract and without attempting to change payment terms retrospectively.
In a statement, Wates said: “The Wates Group is currently in the process of signing the Prompt Payment Code. However, Wates has always had its own payment code which has followed similar principles for years ensuring that our supply chain is promptly paid as per contract terms.”
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