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CANARY WHARF CONTRACTORS LIMITED
Company number: 02352250
Reporting period:
1 January 2019
to 30 June 2019
This report was filed on 26 July 2019
and approved by John Garwood
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 39%
- in 31 to 60 days: 53%
- in 61 days or more: 8%
Invoices due but not paid within agreed terms: 12 %
Payment terms
Shortest standard payment period
35 days
Longest standard payment period
56 days
Standard payment terms
The standard payment periods referred to below for trade contracts and consultant appointments includes the time required for external project monitors to review and report to third party funders and for submissions for drawdowns to be requested and approved.
The standard payment period in the company’s standard form of trade contract is [56*] days. The standard form trade contract is subject to the terms of the Housing Grants Construction & Regeneration Act 1996 (as amended). The date when a payment in respect of an interim application becomes due is 30 days after the monthly date specified for receipt of a contractor’s interim application (or later receipt).
*the payment cycle can differ slightly between projects depending on the valuation date. I suggest we check the average payment period statistics produced by accounts before finalising this.
The standard payment period in the company’s standard form of consultant appointment is 57 days. The standard form consultant appointment is subject to the terms of the Housing Grants Construction & Regeneration Act 1996 (as amended).
The date when a payment in respect of an application for payment becomes due is 15 days after the monthly date specified for receipt of the consultant’s application for payment (or later receipt).
The standard payment period in the company’s standard form of purchase order is 35 days from receipt of a valid invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
56 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
CWCL cost managers work closely with contractors and suppliers to seek to agree valuations. Where a dispute does arise the cost manager will review the position and refer the matter to director level where appropriate. Whilst every effort is made to resolve payment disputes quickly, in the event a dispute cannot be resolved by agreement, the standard form trade contract and consultant appointment both include provision for referral to adjudication pursuant to the Housing Grants Construction & Regeneration Act 1996 (as amended). The parties are subject to the laws of England & Wales and the exclusive jurisdiction of the English courts.
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