TIGA, the trade associationrepresenting the UK games industry, has signed up to the Prompt Payment Code.
It comes as part of TIGA’s campaign to
encourage companies operating in the video game sector to do the same. Signing
up to the Code is part of a process to tackle the problem of late payment of
commercial debt. TIGA reported earlier this week that
our research shows 26 per cent of developer and digital publishers
believe that late payment has held
back their business from growing.
The issue
of late payment can have damaging
repercussions for developers' cash flows and it also causes many man hours
being wasted in chasing payments. Without prompt payment, some developers owed money could end up closing.
In order
to sign up to the Code, two referees are needed. You can sign up at http://www.promptpaymentcode.org.uk/
TIGA also
wants to hear from developers about late payments. Tweet us @tigamovement
or go to our Facebook page at facebook.com /TIGAMovement. We want to know you
experience of late payments, whether business pay more promptly than smaller
ones and the impact late payment has had on your business.
Signatories
to the Prompt Payment Code undertake to:
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
Dr Richard Wilson,
CEO of TIGA, and a former Chairman of the Better Payment
Practice Group, said:
“We have signed up to the Prompt Payment Code because we
believe in the importance of paying on time and we encourage others to do the
same. We need to reduce the incidence of late payment of debt which has a negative
impact on developers, especially the smaller independent studios.”
Notes
to editors:
About
TIGA:
TIGA
is the trade association representing the UK’s games industry. The
majority of our members are either independent games developers or in-house
publisher owned developers. We also have games publishers, outsourcing
companies, technology businesses and universities amongst our membership. TIGA
was awarded ‘Trade Association of the Year’ and the ‘Member Recruitment Award’
at the Trade Association Forum Best Practice Awards 2010. TIGA has also been
named as a finalist in the 2010 Chartered Management Institute (CMI) National
Management and Leadership Awards in the category of ‘The Outstanding
Organisation of the Year Award (SME)’.
TIGA is an ‘Investors in People’
accredited organisation. TIGA's
vision is to make the UK the best place in the world to do games
business. We focus on three sets of activities: political representation,
generating media coverage and developing services that enhance the
competitiveness of our members. This means that TIGA members are
effectively represented in the corridors of power, their voice is heard in the
media and they receive benefits that make a material difference to their
businesses, including a reduction in costs and improved commercial
opportunities.
For further
information, please contact Dr Richard Wilson, TIGA CEO on: 07875 939 643, or
email richard.wilson@tiga.org.