WATES PROPERTY SERVICES LIMITED
Company number: 01141788
Reporting period:
1 January 2020
to 30 June 2020
This report was filed on 29 July 2020
and approved by Philip Wainwright
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 29%
- in 31 to 60 days: 68%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 15 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
30 days
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
61 days
Any other information about payment terms
N/A
Dispute resolution process
WPSL proactively seeks to resolve disputes by discussing them with the relevant supplier and subcontractors following monthly account statement reconciliation exercise conducted by members of the Finance team. Outstanding invoices are monitored through aged creditors reports on monthly basis and disputed invoices escalated to Quantity surveyors and commercial managers for resolution. Where it is not possible to reach agreement, a number of potential dispute resolution methods (for example, mediation, adjudication, expert determination, litigation and / or arbitration) may be used. In case adjudication is selected as the preferred scheme, the Adjudicator shall be nominated by The Royal Institution of Chartered Surveyors.
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.
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