Company number: 00566823
and approved by MILES SHELLEY
Average time taken to pay invoices: 49 days
Invoices paid:
Invoices due but not paid within agreed terms: 70%
0 days
60 days
Suppliers are paid net monthly, which is 30 days after the month in which the invoice is received Subcontractors are paid 35 days after payment valuation is received
Answer not provided
N/A
60 days
No further comment provided
N/A
SRM are absolutely committed to fair dealing and fair payment with our supply chain. We also firmly believe that the emphasis of our business dealings are based on genuine, close relationships with our Supply Chain. These relationships, managed more & more in a structured way, ensure we very rarely have the need for formal dispute resolution processes. Where issues and challenges arise, resolution is hopefully addressed either at the project or purchase ledger, dependent upon the nature of the agreement, (sub-contract or purchase order). Where resolution cannot be found at this level, there is an escalation process within the business through procurement, finance & / or commercial management to ensure issues and challenges are satisfactorily addressed for both parties. This escalation process goes all the way to Group Commercial Director at Executive Board level. We really do not expect anything to go beyond this level. Should formal dispute resolution be required, which is extremely unlikely, methods including mediation, adjudication litigation and / or arbitration may be used.
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Prompt Payment Code
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No