Company number: 02387700
1 January 2020
to 30 June 2020
This report was filed on 30 July 2020
and approved by Ceri Humphrey
Average time taken to pay invoices: 33 days
- within 30 days: 55%
- in 31 to 60 days: 39%
- in 61 days or more: 6%
Invoices due but not paid within agreed terms: 24 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
VolkerFitzpatrick Limited agree payment terms with suppliers and subcontractors as part of negotiating and agreeing their contracts.
Our standard payment terms for materials is 60 days after the date of invoice.
Our standard payment terms for plant is 60 days after the date of invoice.
Other payment terms will be agreed with our suppliers and subcontractors on an individual basis.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
The maximum contractual payment period is 60 days after the date of invoice.
Any other information about payment terms
VolkerFitzpatrick Limited is committed to supporting the local community wherever we work and endeavour to engage with Small to Medium Enterprises (SMEs), community sector organisations and a diverse range of enterprises in our supply chain. We ensure our procurement processes are transparent, straightforward, and open and we are committed to paying our SME supply chain promptly in recognition of their specific challenge around cash flow, and encourage our supply chain to adopt supporting practices.
VolkerFitzpatrick Limited are signatories of the Prompt Payment Code. We paid 94% of our invoices within 60 days and have published our Payment Performance Action Plan on our website that identifies the actions we are undertaking to improve our payment performance.
In order for invoices to be paid on a timely basis, all invoices must be received by our VolkerWessels UK Accounts Payable team before they are recognised as valid for payment.
For our Payment Performance Action Plan and guidance on how to get paid please see our website:
Dispute resolution process
Our dispute resolution process is clearly explained on our website and is as follows:
In the first instance, all disputes will be raised and managed by the site teams. The supplier will be advised that there is a query relating to the goods and/or services supplied and it will be the initial responsibility of the site team to come to a resolution with the supplier. The following steps will be taken to raise and resolve a dispute:
1. The nature of the dispute is discussed between the site team and the supplier.
2. The site team and supplier will come to an agreed time frame for resolution.
3. The supplier is responsible for providing feedback to their accounts team relating to the nature of the dispute and the resolution date.
4. The respective site team will provide feedback to the VolkerWessels UK Accounts Payable team as to the nature and the resolution date of the dispute.
5. Within the agreed resolution timeframe; the VolkerWessels UK Accounts Payable team will await instructions from the site team as to whether or not the dispute has been resolved ahead of schedule and whether or not funds can be released to the supplier.
6. In instances where the stated resolution timeframe has elapsed, the VolkerWessels UK Accounts Payable team will escalate the matter to the appropriate management level to ensure a new resolution date or the release of funds to the supplier.
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 – The 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?