GOV.UK
OVERSEAS SUPPLY SERVICES LIMITED
Company number: 01865842
Reporting period:
1 July 2020
to 31 December 2020
This report was filed on 31 January 2021
and approved by Kris Irving
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 20%
- in 31 to 60 days: 74%
- in 61 days or more: 6%
Invoices due but not paid within agreed terms: 80 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
45 days
Standard payment terms
2. Description of payment practices.
The Company uses mainly electronic payments from its bank accounts.
i. The business’ standard payment terms:
a. The standard contractual length of time for payment of invoices.
The Company does not have standard terms, every project / client have different requirements, so the terms are agreed at the time of placing an order / sub- contract.
The most common terms of payment for the contracts where invoices are paid by bank transfers have the length of time of payment of invoices of 30 days (more than 90% of all such payments). However The Company uses other terms of payments, such as :
-invoices payable immediately (where paid against agreed payment milestones);
- invoices payable in 45 days;
- invoices payable in 20 days;
- invoices payable in 14 days.
The shortest payment period is 0 days.
b. Maximum contractual payment period and any changes to the standard payment terms in the reporting period.
The maximum contractual payment period in the reporting period was 45 days.
There are no standard payment terms, these are agreed at time of placing contract. If for any reason there are any contractual changes, the proposed changes are consulted with the supplier and agreed before any changes made.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
45 days
Any other information about payment terms
N/A
Dispute resolution process
ii. The business’ process for resolving disputes related to payment.
• For goods, if the invoice has not been presented in the correct format as detailed within the Order it will be returned to the Supplier stating why it has been returned. If this results into a dispute the Supplier will contact the Buyer (details on Order) to resolve issue.
• For subcontracts, a Dispute Resolutions clause is included within each contract detailing the agreed process to settle disputes within 30 days. Contract will also include all the relevant contact details as appropriate.
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.
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