GREENWICH MILLENNIUM VILLAGE LIMITED

Company number: 03648005

Reporting period:
1 April 2020 to 30 September 2020

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This report was filed on 27 October 2020

and approved by Christopher Bladon

Payment statistics

Average time taken to pay invoices: 50 days

Invoices paid:

• within 30 days: 53%
• in 31 to 60 days: 29%
• in 61 days or more: 18%

Invoices due but not paid within agreed terms: 14%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

61 days

Standard payment terms

Where payment relates to services provided by a sub-contractor, payment of any sum ascertained as due in accordance with GMV’s Trade Contract Terms & Conditions shall become due 14 days after the application date (the “payment due date”). The final date for payment is 14 days after the payment due date (i.e. 28 days from the application date). Where the payment relates to goods and materials, the terms differ and are required to be paid the month after the month of the date of the invoice, unless agreed otherwise.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

61 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Dispute resolution is a three-step process that starts with the dispute being referred to the relevant Manager within the business. GMV and the Vendor will then seek to settle the dispute by negotiation. If the dispute is not resolved, it shall be referred to expert determination.

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.

No, this business has not signed up to a code of conduct or standards on payment practices.

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