CROSSRAIL LIMITED
Company number: 04212657
Reporting period:
1 October 2020 to 31 March 2021
Report filed on:
28 April 2021
Approved by:
Rachel McLean
Payment statistics
Average time taken to pay invoices: 22 days
Invoices paid:
- within 30 days: 89%
- in 31 to 60 days: 9%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 12%
Payment terms
Shortest standard payment periods
23 days
Longest standard payment period
30 days
Standard payment terms
Shortest time is 23 days, these relate to our suppliers who are responsible for performing the construction contracts.
Longest time is 30 days, these are our normal suppliers.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
If, acting reasonably, Crossrail Limited should dispute an invoice submitted by the Supplier, then the Supplier shall provide such additional information as Crossrail Limited may require to substantiate the Supplier’s entitlement to the sum invoiced. The 30 day payment period shall not commence until such time as Crossrail Limited accepts that the invoice is valid.
Any disputes on the construction contracts have to be raised directly with 'the employer' who is Crossrail Limited.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: CONSTRUCTION SUPPLY CHAIN PAYMENT CHARTER
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