BETA This is a new service – your feedback will help us to improve it.

CMS CAMERON MCKENNA NABARRO OLSWANG LLP

Company number: OC310335

Reporting period:
1 May 2017 to 31 October 2017


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

This report was filed on 30 November 2017

and approved by Criag Perry, General Counsel

Payment statistics

Average time taken to pay invoices: 48 days

Invoices paid:

Invoices due but not paid within agreed terms: 19 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

(Extract from our Master Services Agreement)
Charges
11.1 The Supplier shall calculate and invoice the Customer for the Charges set out in a Statement of Work in accordance with that Statement of Work.
11.2 Subject to Clause 11.4, the Customer shall pay the Charges within 30 days of receipt of a valid invoice from the Supplier.
11.3 To be valid, each invoice must accurately specify the Charges and the following information as appropriate (or such other varied information as the Customer may reasonably specify in advance from time to time): the date of the invoice; the Services, Key Milestones or Deliverables to which the relevant Charges relate; a description of the relevant expenses (if any) with sufficient detail to clearly identify the nature of the expenses and the specific elements of the Services to which they relate; and VAT (if any).
11.4 If the Customer, acting reasonably, disputes any invoice, in whole or in part, it shall notify the Supplier of the disputed invoice as soon as reasonably possible. The Customer shall pay any undisputed amount under an invoice in accordance with Clause 11 and the Parties shall use all reasonable endeavours and act in good faith to resolve any disputed invoice. The Customer shall pay any monies that are agreed to be paid in respect of the disputed element of such invoice as soon as reasonably possible and in any event within 30 days following resolution of a disputed invoice.
11.5 Each Party shall be entitled, without prejudice to any other right or remedy, to charge interest on any payment not made when properly due under this Agreement, calculated from day-to-day at a rate per annum equal to three per cent (3%) above the Bank of England base rate from time to time, from the day after the date on which payment was due up to and including the date of payment.
11.6 All amounts stated to be payable by either Party under this Agreement shall be exclusive of any VAT properly chargeable on any amount. Each Party shall pay to the other Party any VAT properly chargeable on any supply made to it under this Agreement, provided that it shall first have received from the other Party a valid VAT invoice.
11.7 The Supplier shall provide the Customer with all supporting information reasonably required by the Customer to verify Charges invoiced.
11.8 Except as otherwise expressly provided in this Agreement, the Parties shall bear their own costs and expenses in compliance with their obligations under this Agreement and the Customer shall not be obliged to reimburse the Supplier for expenses unless agreed in advance in writing.

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

Extracted from our Master Services Agreement)
Dispute resolution process
34. Disputes
34.1 Any Dispute may be dealt with in accordance with the following non-binding escalation procedure:
34.1.1 Level 1: any Dispute shall be referred by either Party first to the Project Managers of each of the Parties for resolution, who shall use reasonable endeavours to resolve the Dispute;
34.1.2 Level 2: if the Dispute cannot be resolved by the Project Managers of the Parties within seven (7) days after the Dispute has been referred to them the issue shall be referred to [insert name] of the Customer and [insert name] of the Supplier, who shall use reasonable endeavours to resolve the Dispute; and
34.1.3 Level 3: if the Dispute cannot be resolved by the Customer’s and Supplier’s representatives referred to in Clause 34.1.2 within seven (7) days after the Dispute has been referred to them the issue shall be referred to the Managing Partner of the Customer and the Chief Executive Officer of the Supplier for resolution, who shall use reasonable endeavours to resolve the Dispute.
34.2 If the Dispute remains unresolved for a period of seven (7) days after escalation to the representatives at Level 3, the Parties may by agreement refer the matter to mediation or expert determination.
34.3 If the Parties agree to mediate, the mediation shall be conducted in accordance with the Centre for Effective Dispute Resolution Model Mediation Procedure (CEDR).
34.4 If the Parties agree to expert determination, the expert shall not act as an arbitrator, and the expert’s determination shall be final and binding save in the case of manifest error. Examples of Disputes, which could be referred by agreement to expert determination, include disputes over Charges or proposed Charges and technical issues relating to Services.
34.5 Notwithstanding the other provisions in this Clause 34, a Party may elect to specify a shorter period for resolution of the Dispute under the procedure in Clause 34.1, and save for any Dispute agreed to be referred to expert determination, the Dispute shall be resolved through arbitral proceedings, which may be commenced at any time.
34.6 Each Party shall refer any Dispute to arbitration under the Rules of the London Court of International Arbitration, as modified by this Clause, which rules are deemed to be incorporated by reference into this Clause. The arbitration shall be in London, England and the language of the arbitration shall be English. There shall be one (1) arbitrator agreed between the Parties, save that if the Parties fail to agree on the identity of the arbitrator within twenty-eight (28) days of either Party serving on the other Party written notice referring the Dispute to arbitration, the Dispute shall be referred to three (3) arbitrators, one to be nominated by each Party, and the third to be nominated by the two (2) arbitrators nominated by the Parties.
34.7 Nothing in this Clause 34 shall limit the right of either Party to commence proceedings in any court of competent jurisdiction to obtain injunctive and other interlocutory relief against the other Party at any time.

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