RYDON CONSTRUCTION LIMITED
Company number: 01292680
Reporting period:
1 October 2018 to 31 March 2019
Report filed on:
30 April 2019
Approved by:
Mark Day
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 48%
- in 31 to 60 days: 48%
- in 61 days or more: 4%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 24%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Standard payment terms for Purchase Ledger is 30 days from invoice date to End of Following Month. Standard payment terms for Subcontractor Ledger is 35 days - 45 days
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The main point of contact for disputes in relation to Goods & Services is the Rydon Finance Operations team. When an invoice is disputed, the supplier is contacted verbally and / or by email giving the reason why the invoice is in dispute. To resolve a dispute, the supplier is required to provide any missing information or a credit note. The main point of contact for disputes with subcontractors is the Commercial team. When a self - billing application is disputed, the commercial team contacts the subcontractor and issues a payless notice to the subcontractor once it’s been agreed. If there is a dispute with a subcontractors invoice then the commercial team will request a credit note
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