LENDLEASE CONSTRUCTION (EUROPE) LIMITED
Company number: 00467006
1 July 2020
to 31 December 2020
This report was filed on 28 January 2021
and approved by Peter Leonard
Average time taken to pay invoices: 32 days
- within 30 days: 60%
- in 31 to 60 days: 36%
- in 61 days or more: 4%
Invoices due but not paid within agreed terms: 12 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
The Company’s standard payment terms for non-construction contract related payments is 30 days.
For construction contracts the payment terms are largely dependent on the specific requirements of individual projects. When calculating the number of days to make payment for construction contracts in this reporting period, the Company has reported the time to pay from the due date to the final date for payment. In prior periods it had added 7 days to reflect the general range of days between an application date and a due date for those contracts governed by the Housing Grant, Constriction and Regeneration Act 1996.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
The Company operates on standard payment terms of 30 days for non-construction related contracts, unless the Company agrees to different terms requested by a supplier.
Dispute resolution process
All queries regarding non-payment of invoices should be discussed with the Lendlease contact as specified on the Lendlease Purchase Order. Escalation can be managed through the Lendlease Customer Service team. Further escalation will be managed internally when required.
For any qualifying subcontracts, any dispute or difference between the parties are subject to the laws of England and Wales and the jurisdiction of the English courts. Payment under construction contracts is subject to statutory adjudication pursuant to the Housing Grant, Construction and Regeneration Act 1996. Only a very small proportion of our payments become the subject to the adjudication and/or court proceedings.
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?