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MCNICHOLAS CONSTRUCTION SERVICES LIMITED

Company number: 01510892

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 Lee Woodall

Payment statistics

Average time taken to pay invoices: 52 days

Invoices paid:

• within 30 days: 24%
• in 31 to 60 days: 61%
• in 61 days or more: 15%

Invoices due but not paid within agreed terms: 38 %

Payment terms

Standard payment period for qualifying contracts

7 days

Standard payment terms

Payment terms are agreed with suppliers and
subcontractors as part of contract negotiations
and aligned with relevant codes to ensure
compliance. The most frequently used payment
terms in the reporting period are 60 days.

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

No

Maximum contractual payment period agreed

60 days

The terms above have been negotiated to align
with the broader working capital cycles in the
particular sectors the business works in.

Any other information about payment terms

N/A

Dispute resolution process

McNicholas is a strong advocate of fair
treatment for all supply chain partners and
constantly strives to improve transparency,
increase certainty of payment and in reduce
time to pay. We are working hard to simplify
internal processes and approvals, towards
minimising time to pay for our supply chain
partners; we are also working with those supply
chain partners to inform and upskill where
required towards right first time invoicing to
avoid payment delays.

Where they happen, McNicholas actively seeks to resolve disputes as quickly as possible,
through close interaction with suppliers; in the
interests of fair treatment for all supply chain
partners, dispute resolution is treated as a
priority. Typically, these issues can be resolved
through coordination between our payables teams and supplier credit control teams within
an agreed process for dealing with disputes
which is communicated to suppliers, and where
necessary procurement and commercial teams
are engaged to support the earliest commercial
resolution; where resolution is still unable to be
achieved, senior management will be engaged
towards the swiftest possible conclusion. Where
agreement cannot be reached to the mutual
satisfaction of both parties, other dispute
resolution channels will be deployed, such as
mediation, arbitration and expert determination.

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.

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