BMT GROUP LIMITED
Company number: 01887373
Reporting period:
1 October 2017 to 30 March 2018
Report filed on:
30 April 2018
Approved by:
D K McSweeney
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 52%
- in 31 to 60 days: 38%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 48%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
90 days
Standard payment terms
The following is an extract from our standard terms and conditions. "Unless otherwise agreed, invoices will be payable within 30 calendar days of the date of invoice". Consultants are paid 14 days from invoice date. Where payment from customers is contingent on acceptance of the work, payment terms with suppliers may be mutually agreed on a back-to-back basis whereby suppliers are paid within seven working days of receipt of cleared funds from the customer. Payment to the supplier may therefore exceed 30 day terms.
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
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Invoice payment disputes should be discussed with the BMT contact as detailed on the Purchase Order. The dispute can be further escalated to Accounts Payable and relevant Finance Manager to resolve with appropriate action.
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