LABCORP EARLY DEVELOPMENT LABORATORIES LIMITED
Company number: 01171833
Reporting period:
1 January 2026 to 30 June 2026
Report filed on:
4 August 2026
Approved by:
Robert James Hainsworth
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: 29 days
Total value paid:
- within 30 days: £47,602,696 (67%)
- in 31 to 60 days: £20,808,098 (29%)
- in 61 days or more: £2,436,761 (3%)
Invoices paid:
- within 30 days: 60%
- in 31 to 60 days: 38%
- in 61 days or more: 2%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £16,486,922
- payments due in the reporting period which have not been paid within the agreed period: 11%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
The standard business terms are 45 days from date of invoice, however these can differ upon mutual agreement and included in the contract. Ranging from 7 days to 60. Any changes to the agreed payment terms will be discussed with the supplier in advance. Any Disputes are raised with the central procurement team who will assess whether the issue relates to price or quality of product and include the relevant teams in discussions with the supplier so that a resolution can be found.
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:
Our construction contracts include retention clauses only in specific circumstances
We do use retention sums in our contracts – it is optional language, so it may be included in some but not others. Ultimately, as we’re drafting the agreement with the Project Manager, the Project Manager decides whether they want a retention, or not.
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?
No
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
Retention is released in stages. 50% of the retained amount is released upon issue of the Practical Completion Statement and the remaining 50% upon issue of the Final Completion Certificate. Contractors receive payment through the contractual application/payment process and release is linked to achievement of the required completion milestones
Is the money released in stages?
Yes:
Contractors submit applications for payment in accordance with the contract payment schedule. Retention is deducted from interim/milestone payments and released once the contractual completion requirements are met.
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
3%
Dispute resolution process
Any Disputes are raised with the central procurement team who will assess whether the issue relates to price or quality of product and include the relevant teams in discussions with the supplier so that a resolution can be found.
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