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INSTARMAC GROUP PLC

Company number: 01324925

Reporting period:
1 October 2018 to 31 March 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 31 July 2019

and approved by Tim Boniface

Payment statistics

Average time taken to pay invoices: 43 days

Invoices paid:

• within 30 days: 15%
• in 31 to 60 days: 77%
• in 61 days or more: 8%

Invoices due but not paid within agreed terms: 8 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

75 days

Standard payment terms

Net monthly (30 days end of month of invoice)

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

75 days

Any other information about payment terms

N/A

Dispute resolution process

If the dispute relates to the price charged on the invoice then the supplier is contacted immediately upon receipt of the invoice and a credit note is requested.
If there is an issue regarding the quality of the product/material supplied then the supplier is contacted immediately and a face to face meeting is organised to resolve the issue. A credit note may be received.

Upon receipt of credit notes the associated invoices are paid promptly.

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