Company number: 02907123
and approved by Katie O'Sullivan
Average time taken to pay invoices: 62 days
Invoices paid:
Invoices due but not paid within agreed terms: 36%
7 days
91 days
The company has two standard payment terms in its orders. i) Subcontractor Orders. Per our standard terms and conditions subcontractors are paid by way of stage or periodic payments in respect of a relevant period of 31 days. The due date for payment of the stage payment is the latter of one month (31 days) after the end of the relevant period or the submission of an application for payment. In respect of the final payment under the contract or where the contract is estimated to last less than 45 days the due date is 60 days following completion of the work or making of a claim by the subcontractor for payment, whichever is the latter. For all other payments the due date is 90 days. The final date for payment (i.e. the contractually due payment date) shall be 90 days from the due date. In practice credit terms are agreed individually with subcontractors and are based on a payment register supplied with the order providing monthly application dates, valuation dates and payment dates. The subcontractor applies on the application date estimating his completed works up to the valuation date. (This period is determined by the requirements of the main contract for the project that is being worked on and will vary from contract to contract. The relevant point being is that the works being applied for will include projected values up to the valuation date.) Terms of payment are then measured from the valuation date (due date). The commonly agreed payment terms (contractual payment date) are 30, 37, 45 and 60 days from the valuation date (due date). For small labour-only company’s terms of 7-14 days are often agreed from the valuation date. Retentions- 5% is deducted for retentions against most subcontract orders. Half is retained until Practical Completion of the subcontractors works and the remainder is retained until 12 months (365 days) following Practical Completion or the completion or correction in any defects in the subcontract works whichever is the latter. The due date for retention release is 90 days after the date to which retention is to be retained and the contractually due payment date 90 days from the due date. ii) Purchase Orders (Everyone else) Our standard conditions of purchase are sixty days 2.5% settlement discount. Unless otherwise agreed in writing with our supplier. In practice credit terms are individually agreed with each supplier. The most common credit terms we operate are: 30 days from invoice. 30 days from month end of invoice. 60 days from invoice 60 days from month end of invoice. Settlement discount is usually only agreed with our major suppliers.
Answer not provided
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91 days
No further comment provided
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1) Subcontract In the first instance any dispute should be raised with our Accounts Manager who will refer it to the Surveyor on the Project who will either directly instruct the Accounts Manager or will open a dialogue with the subcontractor. If the dispute cannot be resolved between the subcontractor and the surveyor it will be escalated to the Commercial Manager and failing that to the Commercial MD for resolution with the subcontractor. If none of these steps resolve the issue our standard terms require the dispute be resolved through adjudication except where the dispute is substantially the same as one being arbitrated between ourselves and the Main Contractor wherein the Contractor is entitled to join the subcontractor in the proceedings such that the dispute will be arbitrated. 2) Purchase Order Contracts In the first instance any query should be raised with the Accounts Manager. Depending Director in order they might either instruct the Accounts Manager or open dialogue with the supplier. In the event that the matter cannot be resolved at this level then the issue may be escalated for the Construction MD for resolution. If none of these steps resolve the issue then the next appeal would be the Courts.
For example, signatories to The Prompt 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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No