NORTHERN EDUCATION TRUST
Company number: 07189647
Reporting period:
1 September 2017 to 28 February 2018
Report filed on:
27 March 2018
Approved by:
Gareth Edmunds
Payment statistics
Average time taken to pay invoices: 18 days
Invoices paid:
- within 30 days: 94%
- in 31 to 60 days: 5%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 14%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
42 days
Standard payment terms
Currently the Trust aligns itself with the payment terms offered by its suppliers. Our suppliers terms in the current period are between 0 and 42 days. The Trust is reviewing its payment terms and conditions as an agent of public funds and these are likely to change going forward.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
42 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Any dispute or difference arising between the parties hereto as to the construction or interpretation of this Agreement or their respective rights duties and obligations hereunder shall be referred for determination by a jointly appointed single arbitrator (the “Mediator”) to be appointed by the parties hereto or failing agreement by the parties within 14 days the Mediator will be nominated by the Centre for Effective Dispute Resolution on the application of either party pursuant to the provisions of the Arbitration Act 1996.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No