BARNETT WADDINGHAM LLP
Company number: OC307678
Reporting period:
1 June 2025 to 30 November 2025
Report filed on:
24 June 2026
Approved by:
Carla Hammond
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: 22 days
Total value paid:
- within 30 days: £5,427,868 (95%)
- in 31 to 60 days: £124,746 (2%)
- in 61 days or more: £190,711 (3%)
Invoices paid:
- within 30 days: 89%
- in 31 to 60 days: 3%
- in 61 days or more: 8%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £778,187
- payments due in the reporting period which have not been paid within the agreed period: 13%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
30 Days from date of Invoice Receipt are our standard terms
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
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Retention clauses
How does this business use retention clauses?
All construction contracts include retention clauses.
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?
No
Does this business apply retention clause practices that are no more onerous than those applied to it on the same project?
Yes:
We hold retention monies as security against incomplete work or defects. The exact wording depends on which JCT form is being used.
A percentage of each interim payment is deducted as retention, commonly 3%–5% but can be higher, of the value of the works.
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
As described in "Stages" section below.
Is the money released in stages?
Yes:
2 stages:
First half - Released when Practical Completion is certified
Second half - Released at the end of the Rectification Period (formerly called the Defects Liability Period), once defects identified during that period have been made good and the relevant certificate is issued. In our case this is 12 months.
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
3%
Amount retained stated as a percentage of the total construction payments made by this business
3%
Dispute resolution process
The Supplier contacts Barnett Waddingham in writing by either email or a letter explaining their query or complaint.
The Barnett Waddingham Accounts Payable Team will investigate the situation with internal business colleagues and ensure payments are made promptly or reasons for late payment are fully investigated.
Most dispute queries are settled in a timely manner before escalation and late penalty fees are rarely levied by suppliers.
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.
Yes
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