SEDDON CONSTRUCTION LIMITED
Company number: 03578140
1 January 2020
to 30 June 2020
This report was filed on 30 July 2020
and approved by Christopher Wilcox
Average time taken to pay invoices: 51 days
- within 30 days: 15%
- in 31 to 60 days: 75%
- in 61 days or more: 10%
Invoices due but not paid within agreed terms: 18 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
Suppliers are paid on the shorter of a) 12 days after the month-end following invoice receipt or b) 60 days from invoice date.
Subcontractors are paid 35 days after the payment valuation is received. In some cases, subcontractors are paid weekly as standard.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
Any disputes or inconsistencies will initially be addressed by the project surveyor (for subcontractor payments) or a purchase ledger assistant (for supplier payments). The majority of these matters are resolved such that the payment can be made within pre-agreed terms.
If a resolution cannot be found through this process, an escalation process exists through line management and ultimately Directors to resolve and mediate where possible.
Should this process not achieve a resolution then, in very rare circumstances, contractual dispute resolution processes are adopted.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?