GRADUS LIMITED
Company number: 02152465
Reporting period:
1 July 2019 to 31 December 2019
Report filed on:
12 February 2020
Approved by:
Christopher Hewson
Payment statistics
Average time taken to pay invoices: 42 days
Invoices paid:
- within 30 days: 27%
- in 31 to 60 days: 63%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 60%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
The majority of our suppliers are long term relationships with established payment terms either as dictated by the supplier or negotiated by both parties. For new suppliers, Gradus engage with the supplier to agree on the payment terms. In default of agreement otherwise, the standard terms used by Gradus are 30 days end of month.
The maximum payment terms agreed with a supplier during the period were 90 days end of month.
Changes in payment terms are usually requested only in the case of a new relationship where initial dealings have been on a pro forma basis and we are looking to agree standard payment terms. Changes are only made on an agreed basis.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
• A dispute relating to a supplier invoice will be notified to the finance department by the member of staff managing the supplier relationship
• A note is made on the system that the invoice is in query and is not to be paid until resolved
• The supplier will be made aware of the nature of the dispute (by the appropriate purchasing contact) and the actions required to resolve
• We aim to resolve disputes as quickly as possible through dialogue with the supplier
• Once dispute is resolved the invoice is passed for payment and is either placed on the next available payment run or is paid via a one-off BACS transfer if required sooner such that the contractual payment terms are still met
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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