Acronym for Last In, First Out. A process used to manage stocks in which the last product arriving at the warehouse is the first one that is sent out to markets.
Italian Code about Payment Responsibility
Confindustria, within the framework of its commitment to address the issue of delayed payments, has adopted the Payment Responsibility Code (PRC), drawn up and implemented by Assolombarda.
By introducing the PRC, a more ethical way to manage payments has been introduced in Italy. Efficiency and transparency. Companies adopting the Code commit to comply with payment terms agreed with suppliers and to pay them punctually and transparently. The Code is addressed to companies, non-profit organisations, and public administrations. Protection for small companies. Confindustria cares about supporting small companies in dealing with the issues caused by delayed and uncertain payments. The Code aims at starting a virtuous circle and the goal is ambitious: improving ways of paying in Italy.
Nowadays, many companies tend to react to stretched (and uncertain) payment terms by, in turn, postponing their own payments – an end must be put to this negative trend by establishing a positive one. The solution. In order to reach this goal, a strong base of companies willing to make the first move is needed. A winning approach abroad. The PRC is inspired to the British Prompt Payment Code, strongly supported by the British Government and CBI (Confederation of British Industry).