Company number: 02644726
and approved by Mark Overton
Average time taken to pay invoices: 46 days
Invoices paid:
Invoices due but not paid within agreed terms: 65%
0 days
60 days
Colas Limited has standard payment terms of 45 days from receipt of invoice. Historically payment terms were agreed with suppliers as part of contract negotiations.
Answer not provided
N/A
60 days
No further comment provided
The impact of COVID-19 on our industry and Colas Limited in this reporting period changed industry practice and challenged existing payment processes within Colas. Colas has implemented a Payment Process Improvement Plan, engaging with internal and external stakeholders, to further improve the resilience and efficiency of our payment processing to achieve the key performance indicator of more than 95% of invoices being paid within 60 days.
Colas Limited actively seeks to resolve disputes by discussing them with the relevant supplier(s), typically involving members of the accounts payable and accounts receivable departments and /or the procurement and commercial teams and / or where necessary members of management. However, where it is not possible to reach agreement, a number of potential dispute resolution methods (for example, mediation, adjudication, expert determination, litigation and / or arbitration) may be used.
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Prompt Payment Code
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No