WATES CONSTRUCTION LIMITED
Company number: 01977948
1 July 2018
to 31 December 2018
This report was filed on 29 January 2019
and approved by Philip Wainwright
Average time taken to pay invoices: 41 days
- within 30 days: 46%
- in 31 to 60 days: 44%
- in 61 days or more: 10%
Invoices due but not paid within agreed terms: 53 %
Standard payment period for qualifying contracts
Standard payment terms
The standard terms vary according to the type of supply as follows:
Sub-Contractors – 45 or 30 days from assessment date. Applications are requested up to 5 days before the assessment date.
General Suppliers & Consultants – 30 days from date of invoice
Suppliers of major materials – 30 days from end of month of supply
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
Wates seeks to avoid disputes by discussing matters directly with the relevant supplier. All standard agreements set out a dispute resolution process. In the first instance contact is with the accounts payment team or commercial staff responsible for the matter. If it cannot be resolved at that level there is an escalated negotiation option involving a senior member of the business team. If the matter cannot be resolved at that senior level the preference is to refer to some form of ADR (mediation, expert determination, etc.) but adjudication or legal proceedings may be used.
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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
Yes – The Prompt 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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?