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NRAM LIMITED

Company number: 09655526

Reporting period:
1 October 2019 to 31 March 2020

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

This report was filed on 23 April 2020

and approved by Martin Scott

Payment statistics

Average time taken to pay invoices: 10 days

Invoices paid:

• within 30 days: 100%
• in 31 to 60 days: 0%
• in 61 days or more: 0%

Invoices due but not paid within agreed terms: 0 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

Invoices which are valid and properly submitted in accordance with the agreed terms and conditions of contract are payable with 30 days following the date on which the invoice is received (unless the invoice is disputed). Where appropriate, contractual provisions are included to provide the supplier with a remedy for late payment of invoices (i.e applying interest).

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

No

Maximum contractual payment period agreed

30 days

n/a

Any other information about payment terms

N/A

Dispute resolution process

Dispute resolution procedures are typically included in the contract and set out escalation procedures/default positions if disputes cannot be resolved between the contracting parties. A Potential Supplier Dispute Management process forms part of UKAR/s Procurement Policy. This process sets out how potential supplier disputes should be notified and addressed internally to ensure the right business functions are engaged.

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.

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