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COLAS LIMITED

Company number: 02644726

Reporting period:
1 July 2019 to 31 December 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 22 January 2020

and approved by Mark Overton

Payment statistics

Average time taken to pay invoices: 40 days

Invoices paid:

• within 30 days: 36%
• in 31 to 60 days: 56%
• in 61 days or more: 8%

Invoices due but not paid within agreed terms: 33 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

60 days

Standard payment terms

Colas Limited has standard payment terms of 45 days from receipt of invoice. Historically payment terms were agreed with suppliers as part of contract negotiations.

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

Colas Limited actively seeks to resolve disputes by discussing them with the relevant supplier(s), typically involving members of the accounts payable and accounts receivable departments and /or the procurement and commercial teams and / or where necessary members of management. However, where it is not possible to reach agreement, a number of potential dispute resolution methods (for example, mediation, adjudication, expert determination, litigation and / or arbitration) may be used.

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.

Yes – Prompt Payment Code

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