SEDDON CONSTRUCTION LIMITED

Company number: 03578140

Reporting period:
1 January 2018 to 30 June 2018

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

This report was filed on 19 July 2018

and approved by Christopher Wilcox

Payment statistics

Average time taken to pay invoices: 44 days

Invoices paid:

within 30 days: 20%
in 31 to 60 days: 63%
in 61 days or more: 17%

Invoices due but not paid within agreed terms: 7%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

72 days

Standard payment terms

Suppliers are paid 12 days after the month-end following invoice receipt. Subcontractors are paid 35 days after the payment valuation is received. In some cases, subcontractors are paid weekly.

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

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

72 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Any disputes or inconsistencies will initially be addressed by the project surveyor (for subcontractor payments) or a purchase ledger assistant (for supplier payments). The majority of these matters are resolved such that the payment can be made within pre-agreed terms. If a resolution cannot be found through this process, an escalation process exists through line management and ultimately Directors to resolve and mediate where possible. Should this process not achieve a resolution then, in very rare circumstances, contractual dispute resolution processes are adopted.

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, this business has signed up to: 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.

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?

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