VOLKERRAIL LIMITED
Company number: 03184313
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
17 July 2019
Approved by:
Andrew Wilkins
Payment statistics
Average time taken to pay invoices: 30 days
Invoices paid:
- within 30 days: 54%
- in 31 to 60 days: 37%
- in 61 days or more: 9%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 5%
Payment terms
Shortest standard payment periods
28 days
Longest standard payment period
76 days
Standard payment terms
Our standard terms specify that payment will be made on the 15th day of the second calendar month following the month of invoice. However, all subcontractors and many suppliers on Network Rail contracts will have payment periods not exceeding 28 days from the date of valuation or receipt of valid invoice (in agreement with the Network Rail Fair Payment Charter).
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
76 days
Our standard terms specify that payment will be made on the 15th day of the second calendar month following the month of invoice. Depending on the date of the invoice the maximum payment period on standard terms is 76 days.
Any other information about payment terms
N/A
Dispute resolution process
All disputes will be raised and managed by the site teams. The supplier will be advised of the query and it will be the responsibility of the site team to resolve with the supplier. 1. The nature of the dispute is discussed between the site team and supplier. 2. The site team and supplier will come to an agreed time frame for resolution. 3. The supplier is responsible for providing feedback to their accounts team relating to the nature of the dispute and the resolution date. 4. The respective site team will provide feedback to the Accounts Payable (AP) team as to the nature and the resolution date of the dispute. 5. Within the agreed resolution time frame, the AP team will await instructions from the site team as to whether the dispute has been resolved ahead of schedule and whether funds can be released. 6. Where the dispute has exceeded the stated resolution timeframe, the AP team will escalate to the appropriate management level to ensure a new resolution date or payment.
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.
Yes, this business has signed up to: Prompt Payment Code [signed up by VolkerWessels UK Group on 7/5/2013] and Network Rail Fair Payment Charter [signed up on 11/11/2011]
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