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OVERSEAS SUPPLY SERVICES LIMITED

Company number: 01865842

Reporting period:
1 July 2018 to 31 December 2018

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This information is as reported by the business, and responses are in their own words.

This report was filed on 30 January 2019

and approved by Andrew Nash

Payment statistics

Average time taken to pay invoices: 35 days

Invoices paid:

• within 30 days: 28%
• in 31 to 60 days: 65%
• in 61 days or more: 7%

Invoices due but not paid within agreed terms: 73 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

45 days

Standard payment terms

i. The business’ standard payment terms:
a. The standard contractual length of time for payment of invoices.
The Company does not have standard terms, every project / client have different requirements, so the terms are agreed at the time of placing an order / sub- contract.

The most common terms of payment for the contracts where invoices are paid by bank transfers have the length of time of payment of invoices of 30 days (more than 90% of all such payments). However The Company uses other terms of payments, such as :
-invoices payable immediately (where paid against agreed payment milestones);
- invoices payable in 45 days;
- invoices payable in 20 days;
- invoices payable in 14 days.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

45 days

b. Maximum contractual payment period and any changes to the standard payment terms in the reporting period.

The maximum contractual payment period in the reporting period was 45 days.

There are no standard payment terms, these are agreed at time of placing contract. If for any reason there are any contractual changes, the proposed changes are consulted with the supplier and agreed before any changes made.

Any other information about payment terms

N/A

Dispute resolution process

ii. The business’ process for resolving disputes related to payment.

• For goods, if the invoice has not been presented in the correct format as detailed within the Order it will be returned to the Supplier stating why it has been returned. If this results into a dispute the Supplier will contact the Buyer (details on Order) to resolve issue.
• For subcontracts, a Dispute Resolutions clause is included within each contract detailing the agreed process to settle disputes within 30 days. Contract will also include all the relevant contact details as appropriate.

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.

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