GOV.UK
PETROFAC SERVICES LIMITED
Company number: 04842802
Reporting period:
1 January 2021
to 30 June 2021
This report was filed on 12 July 2021
and approved by Carl Thompson
Payment statistics
Average time taken to pay invoices: 100 days
Invoices paid:
- within 30 days: 38%
- in 31 to 60 days: 31%
- in 61 days or more: 31%
Invoices due but not paid within agreed terms: 10 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
Standard Terms are 30 days from receipt of Invoice
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
31. RESOLUTION OF DISPUTED
31.1 Any dispute between the PARTIES in connection with or arising out of the CONTRACT or the WORK shall be resolved by means of the following procedure:
(a) the dispute shall initially be referred, by means of a formal notice containing the information set out in clause 31.5 and served in accordance with clause 29.6, to the COMPANY REPRESENTATIVE and CONTRACTYOR REPRESENTATIVE who shall discuss the matter in dispute and make all reasonable efforts to reach an agreement;
(b) if no agreement is reached under Clause 31.1(a) above within forty (40) days of the service of such formal notice, the dispute shall be referred to the two persons named in Appenix 1 to Section I – Form of Agreement. Such persons are nominated one by the COMPANY and one by the CONTRACTOR. Such persons may be replaced by the PARTY which nominated them by notice to the other PARTY;
(C) if no agreement is reached under Clause 31.1(b) above within twenty (20) days of expiry of t he period referred to in Clause 31.1(b) (that is, within sixty (60) days of the service of the forma notice referred to at Clause 31.1 (a)), the dispute shall be referred to an appropriate Senior Executive of each of the PARTIES who shall met to discuss the matter in dispute within twenty (20) days of expiry of the period referred to in this Clause 31.1(c) (that is, within eighty (80) days of the service of the forma notice referred to at Clause 31.1(a)).
31.2 if no agreement is reached within twenty (20 days of expiry of the period referred to in Clause 31.1(c) (that is, within eighty (80) days of the service of the formal notice referred to at Clause31.1(a)), the PARTIES may attempt to settle the dispute by a form of Alternative Dispute Resolution to be agreed between the PARTIES.
31.3 In the absence of any agreement being reached on a particular dispute within twenty (20) days of expiry of the period referred to in clause 31.1(c) (that is, within eighty (80) days of the service of the formal notice referred to at Clause 31.1(a)), either PARTY may, subject to Clause 31.1, take appropriate action in the Courts to resolve the dispute at any time.
31.4 It shall be a condition precedent to the referral of a dispute to the Courts under Clause 31.3 that the PARTY which intends to commence proceedings in relation to the dispute has used its reasonable endeavours to follow and complete the procedures set out in Clauses 31.1(a), (b) and (c).
31.5 Where any claim or counter claim is connection with or arising out of the CONTRACT is made, the PARTY making the claim of counter claim shall ensure that such claim or counter claim contains, without limitation, the following information:
(a) a clear summary of the facts on which the claim or counter claim is based; and
(b) the basis on which the claim or counter claim is made, including the principal contractual terms and/or statutory terms relied on; and
(c) the nature of the relief claimed; and
(d) where a claim or counter claim has been made previously and rejected by the other PARTY, and the PARTY making the claim or counter claim is able to identify the reason(s) for such rejection, the grounds of belief as to why the claim or counter claim is wrongly rejected.
31.6 Whilst any matter or matters are in dispute, the ONTRACTOR shall proceed with the execution and completion of the WORK and both PARTIES shall comply with all the provisions on the CONTRACT.
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.
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