PREMEX SERVICES LIMITED
Company number: 03281191
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
26 July 2018
Approved by:
Michael Philip Cutler
Payment statistics
Average time taken to pay invoices: 68 days
Invoices paid:
- within 30 days: 30%
- in 31 to 60 days: 34%
- in 61 days or more: 36%
Late and disputed:
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
78 days
Standard payment terms
PSL negotiates separate payment terms individually with suppliers and on a product specific basis The most frequent terms wording which has been incorporated into the contract for medical experts states 40 calendar days from the end of the month in which the invoice is received. Overhead suppliers are generally paid in line with their own terms and conditions and negotiated with the Purchasing Manager
Were there any changes to the standard payment terms in the reporting period?
Some of the Suppliers that have agreed terms were not reflected correctly in the accounting package and so were corrected immediately. These Suppliers were not advised as they were already aware of what their terms were.
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
360 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
PSLs process for resolving a dispute with a supplier in relation to payment is to correct any failure to pay caused by error or oversight as soon as discovered. Where non-payment is caused by disagreement then we will seek to agree a compromise with the supplier. Any complaint or concern will be considered initially by the Purchase Ledger Team. For overhead suppliers -disputes will be escalated to the Purchasing Manager. For Medical Experts payment issues - disputes will be escalated to the Experts Liaison Manager. Clarification will always be sought by our in-house Legal Team. All disputes will be reviewed within 14 days of notification and a response or payment sent.
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 Fair 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.
Yes
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