MCLAREN CONSTRUCTION (UK) LIMITED
Company number: 04150081
1 February 2020
to 31 July 2020
This report was filed on 28 August 2020
and approved by Craig Young
Average time taken to pay invoices: 42 days
- within 30 days: 38%
- in 31 to 60 days: 51%
- in 61 days or more: 11%
Invoices due but not paid within agreed terms: 62 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
Our standard terms vary due to the type of supply and are agreed as part of contract negotiations.
Suppliers are predominantly paid on 30 days from the month end of invoice, whilst key consultants are paid on 7 day terms.
Subcontractors, dependant on contract terms, are paid on 30, 35 or 42 day terms, following the date of assessment
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
There are two types of disputes:
1. Where the site team have not certified the valuation, the site team are tasked to speak with and resolve any differences with the Supply chain/Sub-contractor directly.
2. Where the site team have certified the works and are satisfied the supplier should be paid, there are instances where the Finance team require additional
information like insurance details, VAT invoice, Self-billing agreements or CIS verification, in which case the Finance team would request and resolve these issues directly with 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.
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?