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WSP MANAGEMENT SERVICES LIMITED

Company number: 02454665

Reporting period:
1 July 2020 to 31 December 2020

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This information is as reported by the business, and responses are in their own words.

This report was filed on 29 January 2021

and approved by Miles Barnard

Payment statistics

Average time taken to pay invoices: 14 days

Invoices paid:

• within 30 days: 90%
• in 31 to 60 days: 7%
• in 61 days or more: 3%

Invoices due but not paid within agreed terms: 65 %

Payment terms

Standard payment period for qualifying contracts

60 days

Standard payment terms

60 Days from date of invoice

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

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

N/A

Dispute resolution process

WSP has a commitment to managing all disputed invoices in a timely manner. Our key steps in this process are:
Disputed invoices are identified and raised by the person responsible for sourcing the supply or service, whom will then liaise with the business stakeholder.
The dispute will then be owned and analysed internally by the business stakeholder and raised directly with the supplier.
If settlement of the dispute cannot be reached between the business stakeholder and the supplier, escalation to Procurement and or other appropriate departments will be engaged in the process
Where a resolution cannot be reached, there are a number of potential dispute resolution methods such as mediation, adjudication, expert determination, litigation and / or arbitration.

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.

Yes – Prompt Payment Code

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