The Forum of Private Business (FPB) has issued a challenge to firms in the FTSE 100 to sign up to the Prompt Payment Code.
This forms part of the Be Fair - Pay on Time campaign conceived by Debbie Abrahams, the MP for Oldham and Saddleworth.
It also represents action being taken on the trend for late payments, which is one of the key concerns of the FPB.
Indeed, spokesman for the forum Phil McCabe recently claimed that late payments can lead to some closures.
FPB chief executive Phil Orford asserted that the new code only asks that companies pay other firms to pay their suppliers as and when has already been agreed, without retrospective adjustments to terms and conditions.
"FTSE 100 businesses are the true bastions of the UK's private sector and, by subscribing to the code, they will be leading the way as they rightly should for others to follow," the expert remarked.