COLAS LIMITED
Company number: 02644726
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
30 July 2018
Approved by:
Mark Overton
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 46%
- in 31 to 60 days: 48%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 13%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
Colas Limited now has standard payment terms of 45 days, historically payment terms were with suppliers as part agreed of contract negotiations.
Were there any changes to the standard payment terms in the reporting period?
With respect to contracts with 3rd party suppliers we are in the process of changing the payment period in our standard terms to 45 days. This change commenced during this reporting period. Our standard contractual payment period in our standard terms for new contracts with 3rd party suppliers is now 45 days.
Were suppliers notified or consulted about these changes before they were made?
Suppliers were consulted on an individual basis.
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Colas Limited actively seeks to resolve disputes by discussing them with the relevant supplier(s), typically involving members of the accounts payable and accounts receivable departments and /or the procurement and commercial teams and / or where necessary members of management. However, where it is not possible to reach agreement, a number of potential dispute resolution methods (for example, mediation, adjudication, expert determination, litigation and / or arbitration) may be used.
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: The 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