INTERSERVE CONSTRUCTION LIMITED
Company number: 00303359
1 July 2019
to 31 December 2019
This report was filed on 30 January 2020
and approved by Mark Goldsworthy
Average time taken to pay invoices: 32 days
- within 30 days: 55%
- in 31 to 60 days: 39%
- in 61 days or more: 6%
Invoices due but not paid within agreed terms: 38 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
The majority of our suppliers are on payment terms between 7 and 60 days with less than 2% being in excess of this.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
The 91 day period is an exception and occurs when invoices dated the 1st of the month and the supplier is on agreed terms that are 60 days from the end of the month.
Any other information about payment terms
Dispute resolution process
Disputes can be sent to the finance team who will seek to resolve the issue and where necessary consult with the procurement and/ or site team. In exceptional circumstances the matter may be referred to an executive director to resolve. Where the contract terms and conditions provide, the matter may be addressed through the formal disputes procedure.
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.
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?