GOV.UK
CAMBRIDGE & COUNTIES BANK LIMITED
Company number: 07972522
Reporting period:
1 July 2020
to 31 December 2020
This report was filed on 29 January 2021
and approved by Andrea Hodgson
Payment statistics
Average time taken to pay invoices: 14 days
Invoices paid:
- within 30 days: 98%
- in 31 to 60 days: 1%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 2 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
The Bank’s standard supplier payment terms are to pay supplier invoices within 30 days of having received the invoice (or from application for payment) whichever is the later, assuming the goods or services have been delivered in accordance with the purchase order. However, we work with our suppliers to reach payment terms that work for both them and the Bank. Cambridge & Counties undertakes a weekly payment.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
Where the Bank raises a dispute in respect of an invoice, the Bank’s policy is to notify the supplier of the nature of the dispute in writing within 30 days of receipt of the invoice. Invoices are held for payment until the dispute is resolved. Disputes are handled and resolved by the Departmental Head or business signatory who engaged the supplier services and/or Accounts Payable (Accounts@ccbank.co.uk). Once a disputed invoice has been resolved, payment is made within 30 days of dispute resolution.
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
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