NOVUS PROPERTY SOLUTIONS LIMITED
Company number: 02403551
Reporting period:
1 January 2026 to 30 June 2026
Report filed on:
28 July 2026
Approved by:
Andrew Finn
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: 19 days
Total value paid:
- within 30 days: £52,297,550 (75%)
- in 31 to 60 days: £16,104,593 (23%)
- in 61 days or more: £875,659 (1%)
Invoices paid:
- within 30 days: 87%
- in 31 to 60 days: 12%
- in 61 days or more: 1%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £6,756,405
- 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: 2%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Material and overhead invoices are paid 30 days from invoice date unless specifically agreed otherwise. Subcontractors are required to submit applications by no later than the 21st of the month, reflecting the anticipated valuation of work delivered as at that month end (Valuation Date). Following the principles of the Construction Act, the Due Date for approved applications is 35 days after the Valuation Date, with the final date for payment 14 days after the Due Date. Subcontractors have the opportunity to request weekly payments. Further information on payment terms can be found at novussolutions.co.uk/tc
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
49 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 included in standard payment terms.
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:
Novus' standard terms and conditions include provisions allowing for the use of retention clauses where appropriate for the nature of the works being undertaken. Where retention clauses are applied, Novus' policy is that the retention arrangements applied to subcontractors will be no more onerous than those applied to Novus under the corresponding client contract for the same project.
Retention provisions are used primarily in relation to construction and refurbishment projects where retentions form part of the contractual arrangements governing project delivery, completion and the rectification of defects. Retentions are generally not applied to routine responsive maintenance, planned maintenance or shorter-duration works where alternative commercial arrangements are more appropriate.
The purpose of any retention is to provide security for the satisfactory completion of the works and the remedy of defects during the relevant defects liability period. Retention terms are considered on a project-by-project basis, taking account of the nature of the works, contractual requirements and the terms of the upstream client contract.
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
Release of retention is linked to the contractual completion of the subcontract works and the final payment process. Following Sub-Contract Completion, part of the retained amount is released through the final interim payment. The remaining balance is released through the final payment process after the agreed contractual period has elapsed and any relevant defects liability obligations have been addressed. Retention releases are processed in accordance with the payment provisions set out in the subcontract.
Is the money released in stages?
Yes:
Retention is released in two stages:
Upon Sub-Contract Completion, 50% of the total retention held is released through the final interim payment.
The remaining 50% of the retention is released through the final payment process. Under the standard subcontract conditions, the final payment becomes due 16 months after the date of Sub-Contract Completion, at which point the remaining retention balance is released subject to the subcontract terms.
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
65%
Amount retained stated as a percentage of the total construction payments made by this business
0%
Dispute resolution process
Novus seeks to avoid disputes by maintaining an open dialogue with its supply chain. When disputes arise Novus seeks to resolve the matter via the following channels: Disputes should be discussed with the ordering party. If this does not resolve the situation the matter should be escalated to both parties’ immediate line management. If this escalation fails to achieve a mutually acceptable solution the matter will be referred to a director for a final decision. Novus aims to resolve all disputes without third party intervention but on occasion this may be necessary and there are a number of options available to our supply chain: • Subcontract disputes may be referred to adjudication. • Non-subcontract disputes, and subcontract disputes that cannot be resolved by adjudication - either party may escalate the matter to a court of law. In the case of subcontract disputes Novus may opt for Arbitration as an alternative method of dispute resolution to a court of law.
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.
Yes, this business has signed up to: Fair Payment Code
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