NATIONAL NUCLEAR LABORATORY LIMITED
Company number: 03857752
Reporting period:
1 October 2020
to 31 March 2021
This report was filed on 30 April 2021
and approved by Matthew S Miller
Payment statistics
Average time taken to pay invoices: 7 days
Invoices paid:
- within 30 days: 99%
- in 31 to 60 days: 0%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 3 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
NNL uses a Procurement card to settle a significant proportion (68%) of its supply chain purchases immediately. Where credit terms are operated our standard practice is to pay undisputed valid invoices within 30 days of receipt. However variations to these terms do exist based on agreements with certain suppliers which were in place prior to NNL becoming a Contracting Authority on 1 April 2017.
Supplier payments are processed weekly.
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
The Company is committed to dealing with its suppliers in a fair, honest and professional manner while seeking best value for the business. We seek to resolve queries as quickly as possible to everyone’s satisfaction prior to payment being made. In the event that a dispute cannot be resolved by our Accounts Payable team, it would be escalated in the first instance to the relevant Head of Department to seek 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.Yes – NNL follows the Prompt Payers Code of Practice drawn up by the Confederation of British Industry (CBI).
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