GOV.UK
COSTAIN OIL, GAS & PROCESS LIMITED
Company number: 00786418
Reporting period:
1 July 2018
to 31 December 2018
This report was filed on 30 January 2019
and approved by Martin Hunter
Payment statistics
Average time taken to pay invoices: 93 days
Invoices paid:
- within 30 days: 14%
- in 31 to 60 days: 38%
- in 61 days or more: 47%
Invoices due but not paid within agreed terms: 73 %
Payment terms
Shortest standard payment period
21 days
Longest standard payment period
60 days
Standard payment terms
Payment terms are agreed with suppliers and subcontractors as part of contract negotiations. Terms vary from 21 days, payment once processed, to 60 days from date of invoice. The most frequently used terms for suppliers in the reporting period are 60 days from the date of invoice with payment for these suppliers generally made after receipt of a statement from the supplier.
In January 2019, the terms of suppliers other than a small number with higher invoice volumes, were amended from 60 days to 30 days
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
Costain Oil Gas & Process Limited actively seeks to resolve disputes by discussing them with the relevant supplier(s), typically involving members of the relevant project’s supply chain, procurement or commercial teams and the relevant accounts or accounts payable team. Where necessary members of management will be involved.
Where it is not possible to reach agreement, usually on entitlement in relation to subcontracts, a number of potential dispute resolution methods may be used, most commonly, mediation or adjudication. If it remains impossible to reach agreement, the items may go to litigation.
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.No
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