T & B (CONTRACTORS) LIMITED
Company number: 01667869
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
18 July 2021
Approved by:
M Hickson
Payment statistics
Average time taken to pay invoices: 30 days
Invoices paid:
- within 30 days: 55%
- in 31 to 60 days: 45%
- in 61 days or more: 0%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 0%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
Subcontractors – Subcontractors are required to make applications for payment as set out in the subcontract order. When the application is received payment will be made 14 days after the application is approved and loaded onto the accounting system.
Suppliers – T&B (Contractors) has a standard payment term of 30 days following the month in which the invoice is presented. In certain circumstances this is reduced.
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
60 days
60 days for suppliers invoices when payment is at the end of the calendar month after the month during which the invoice is received (providing the invoice is correctly prepared).
Any other information about payment terms
n/a
Dispute resolution process
All invoices are checked against the T&B purchase order, if any anomaly is found the invoice is emailed to the supplier stating why the invoice is being held. If we have not received a reply within a reasonable time period, the query is chased by the buyer until resolved.
Once the correct credit or acceptable explanation has been received the invoice is then cleared for payment.
All subcontractor queries are dealt with by the surveyor on that job.
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: 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