GOV.UK
AVANT HOMES GROUP LIMITED
Company number: 09304211
Reporting period:
28 April 2018
to 31 October 2018
This report was filed on 6 August 2019
and approved by Giles Sharp
Payment statistics
Average time taken to pay invoices: 32 days
Invoices paid:
- within 30 days: 41%
- in 31 to 60 days: 52%
- in 61 days or more: 7%
Invoices due but not paid within agreed terms: 15 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
60 days
Standard payment terms
In general terms, the payment terms adopted by the Avant Homes Group are for invoices to be settled on the next payment run in line with the credit terms agreed. These terms range from immediate payment, to payment falling due at the end of the month following the invoice date. If the invoice submitted by the Supplier is not correct, once rectified, the corrected invoice will be paid on the next available payment run. The Avant Homes Group standard payment terms is 60 days which is applied to all new suppliers, when the policy was updated large existing suppliers were asked to accept the new terms and confirm acceptance back in writing. To date no supplier has been forced to adopt the new extended terms. The majority of subcontractors are paid on agreed terms of one month in arrears for the valuation of work performed. The valuation stipulated in the subcontractor’s ‘request for payment’ is subject to approval from an Avant on-site surveyor each month.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
At Avant, we strive to resolve queries and disputes on a timely basis. In respect of subcontractors, our dispute resolution process involves a collaborative review of progress on site between Avant surveyor and subcontractor, inclusive of Avant quality check, with reference to the application made. In the majority of circumstances, our commercial staff will resolve a dispute directly with the subcontractor. In respect of suppliers, goods received are inspected and receipted on site with any issues arising communicated to the supplier via telephone or email.
In the rare event that a dispute cannot be resolved by commercial staff the matter will be referred to our in-house legal counsel.
The figures above have not been amended to remove invoices which were under query or dispute.
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.
Yes
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