GOV.UK
CENTRE FOR PROCESS INNOVATION LIMITED
Company number: 05002194
Reporting period:
1 April 2019
to 31 March 2020
This report was filed on 5 June 2020
and approved by Tracey Stonehouse
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 79%
- in 31 to 60 days: 18%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 21 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
Unless agreed to the contrary (see Standard payment terms section below,) that our standard payment period is typically In accordance with Regulation 113 of the Procurement Contract Regulations 2015, where we strive to make payments to our suppliers no later than 30 days following our validation of undisputed invoices that we have received. By validation we mean that we have checked that it is a genuine invoice from a genuine supplier and we have received the goods or services to which it relates, or that it relates to an advance milestone payment which was agreed when the contract was awarded. 30 days standard, 60 days for some individually agreed customers, any agreement of payment terms > 30 days are approved by management and are based upon proven payment history.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
Our finance and procurement departments will investigate and provide details in relation to any disputes or concerns, if necessary we can liaise with individual employees/departments to which an order relates to help to resolve disputes or issues.
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