COSTAIN ENGINEERING & CONSTRUCTION LIMITED
Company number: 02440829
1 January 2019
to 30 June 2019
This report was filed on 29 July 2019
and approved by Martin Hunter
Average time taken to pay invoices: 36 days
- within 30 days: 59%
- in 31 to 60 days: 25%
- in 61 days or more: 16%
Invoices due but not paid within agreed terms: 39 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
Costain Engineering & Construction Limited is a holding and services company within the Costain Group. The administration of the few suppliers it engages is handled by a fellow subsidiary, Costain Limited. Terms are agreed with suppliers as part of contract negotiations.
Were there any changes to the standard payment terms in the reporting period?
Yes – In January 2019, the default payment terms were reduced to 30 days and the longest payment terms were reduced from 60 days to 45 days, existing supplier terms were changed accordingly. Suppliers on terms below 30 days were not changed.
Were suppliers notified or consulted about these changes before they were made?
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
Costain Engineering & Construction Limited actively seeks to resolve disputes by discussing them with the relevant supplier(s), generally involving members of the accounts or accounts payable team; where necessary, members of management will be involved.
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.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?