MAGDALENE LIMITED
Company number: 03198823
Reporting period:
1 April 2021 to 30 September 2021
Report filed on:
29 October 2021
Approved by:
Kirsty Fuller
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 69%
- in 31 to 60 days: 27%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 14%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
91 days
Standard payment terms
60 Days EOM
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
91 days
N/a
Any other information about payment terms
N/a
Dispute resolution process
The frequency, trigger, criteria and process for invoicing are set out clearly in relevant contract documents to ensure that invoice disputes are minimised.
If Magdalene does dispute part of an invoice, it will advise the supplier who may reissue the disputed invoice excluding the amount disputed, otherwise the invoice is placed on hold pending dispute resolution.
Disputed claims (either in an application for invoice or invoice) will initially be referred to the parties respective Project or Operations Directors for resolution.
If that does not resolve the dispute within 20 business days from referral, escalation may be made by either party to their respective Commercial or Financial Directors. If that does not resolve the dispute within a further 10 business days, either party may refer the dispute to independent third party arbitration after all internal options have been pursued.
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.
No, this business has not signed up to a code of conduct or standards on payment practices.
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