NATIONAL OCEANOGRAPHY CENTRE
Company number: 11444362
Reporting period:
1 October 2025 to 31 March 2026
Report filed on:
30 April 2026
Approved by:
David Keith McSweeney
Contracts and payments
Do any of this business's construction contracts with its suppliers include retention clauses? Yes
Payment statistics
Average time taken to pay invoices: 23 days
Total value paid:
- within 30 days: £15,967,821 (84%)
- in 31 to 60 days: £2,521,219 (13%)
- in 61 days or more: £630,841 (3%)
Invoices paid:
- within 30 days: 86%
- in 31 to 60 days: 11%
- in 61 days or more: 3%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £3,530,874
- payments due in the reporting period which have not been paid within the agreed period: 16%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
NOC standard payment terms is 30 days which is detailed in our standard terms and conditions. The maximum contractual payment period is 60 days. Suppliers are notified of any changes in writing and any disputes can be raised with the Accounts Payable team for review and action.
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Retention clauses
How does this business use retention clauses?
Retention clauses are used in specific circumstances:
Generally retention clauses are applied only to high-value, high-complexity contracts, or to contracts where failure would be critical to the operation of the organisation's sites. A specific contract sum is not used in determining the application of a retention clause.
Does this business only use retention clauses in construction contracts above a specific contract sum?
No
Does this business use a standard percentage rate in retention clauses?
Yes: 5%
Does this business apply retention clause practices that are no more onerous than those applied to it on the same project?
Yes:
The industry-standard retention rate of 5% is applied, with 2.5% released upon Practical Completion and the remaining 2.5% released at the end of the 52-week defects liability period.
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
Under qualifying construction contracts, 5% of the contract value is retained. Half of this retention (2.5%) is released when the works are completed. The remaining 2.5% is released after the defects liability period ends, once any defects have been corrected.
Is the money released in stages?
Yes:
Half of this retention (2.5%) is released when the works are completed. The remaining 2.5% is released after the defects liability period ends, once any defects have been corrected.
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
0%
Amount retained stated as a percentage of the total construction payments made by this business
0%
Dispute resolution process
Suppliers should raise any invoice payment queries or disputes in the first instance by contacting the Accounts Payable (AP) team via the published AP contact details. The AP team will review the query, investigate with the relevant budget holder or service area where needed, and work to resolve issues promptly. Where a dispute cannot be resolved through AP, it will be escalated through Finance management for review and resolution. NOC aims to resolve disputes collaboratively and without delaying payment of undisputed invoices.
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