THE ROYAL PARKS LIMITED
Company number: 10016100
Reporting period:
1 April 2018 to 30 September 2018
Report filed on:
4 April 2019
Approved by:
Ruth Anderson
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 78%
- in 31 to 60 days: 15%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 19%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The Royal Parks does not have a standardised set of Ts&Cs used on all contracts. Instead, bespoke Ts&Cs are agreed for most major contracts. NEC3 forms of contract are normally used for construction projects; and The Royal Parks uses Government Legal Service short- (for below OJEU threshold) and long-form (for above OJEU threshold) Ts&Cs. Most payment terms are 30 days from invoice.
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
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Disputes over payment are initially raised by suppliers either with the budget manager or finance, via email, telephone or occasionally in writing. These are then investigated with liaison internally between relevant staff and then the outcomes fed back to suppliers via email or telephone.
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.
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