JACOBS & TURNER LIMITED
Company number: SC047678
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
7 December 2021
Approved by:
Afzal Khushi
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 61%
- in 31 to 60 days: 31%
- in 61 days or more: 8%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 40%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The standard terms and conditions of purchase which apply to all suppliers are detailed on the Company's official purchase order which must be issued for each contract entered into. All purchase orders must be signed by an authorised signatory and the supplier must sign an acceptance of the order. Following delivery by the supplier of goods/services which comply with the terms of the PO, the supplier will be entitled to issue an invoice for the agreed price (excl VAT). Payment is conditional on a valid invoice being issued which must state the PO number. Unless otherwise agreed with the supplier, payment will be made within 30 days of receipt of invoice but the Company is entitled to take a prompt payment discount if the invoice is paid within 10 days.
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
N/A
Any other information about payment terms
No further comment provided
Dispute resolution process
In the event of an invoice being disputed, the supplier should contact a member of the accounts payable team in the first instance, either by email or phone. If the accounts payable team do not know why the invoice has not been approved for payment, the matter will be passed to the appropriate department, or invoice contact who generated the original purchase order, for resolution of the dispute.
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.
Yes
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