INTERSERVE PLC
Company number: 00088456
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
30 July 2018
Approved by:
Mark Whiteling
Payment statistics
Average time taken to pay invoices: 30 days
Invoices paid:
- within 30 days: 72%
- in 31 to 60 days: 17%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 46%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
75 days
Standard payment terms
Payment terms are agreed on a supplier by supplier basis. Generally 30 day terms are requested (currently 60% of suppliers). However the agreed terms will depend on the type of work, the size of the company and the product or service purchased. For example, smaller standalone suppliers may request and have agreed immediate payment whereas this is less likely to be agreed with larger suppliers unless professional services have been completed in advance or exceptional circumstances arise. A number of suppliers demand immediate payment (currently 16% of suppliers) on receipt of invoice. An allowance of 2 days for approval and payment has been made in the data provided.
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
75 days
None
Any other information about payment terms
Since May 2018 the Company has been transferring its supplier contract management to a central procurement department for the Interserve Group. As part of this process all supplier contracts are being reviewed. The aim being to drive consistency across the Group, leverage on the size and scale of Interserve, reduce costs and improve processes, while building and maintaining close and trusted supplier partnerships. This is an ongoing process for contracts under Interserve plc so terms may change as the consolidation progresses.
Dispute resolution process
1.1 If any dispute arises in connection with this Agreement, senior representatives of the parties with authority to settle the dispute will, within [7] days of a written request from either party to the other, meet in a good faith effort to resolve the dispute. 1.2 If the dispute is not resolved at that meeting, the parties may, but shall not be obliged to, attempt to settle it by mediation in accordance with the CEDR Model Mediation Procedure. 1.3 Unless otherwise agreed between the parties, the mediator will be nominated by CEDR. To initiate the mediation either party may give notice in writing (“ADR notice”) to the other requesting mediation. A copy of the request should be sent to CEDR Solve. The mediation will start no later than [7] days after the date of the ADR notice. The commencement of mediation will not prevent the parties commencing or continuing court proceedings or arbitration. 1.4 This Clause 38 is subject to any right the parties may have under the Construction Act to refer a dispute to adjudication at any time in accordance with the procedures set out in the Scheme for Construction Contracts. 2 GOVERNING LAW This Agreement is governed by and shall be interpreted in accordance with the law of England and Wales and, subject to clause 38, the parties submit to the exclusive jurisdiction of the English courts save that the parties may seek an interim injunction or other emergency measure in any jurisdiction.
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