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CONNELLS SURVEY & VALUATION LIMITED

Company number: 04046987

Reporting period:
1 January 2018 to 30 June 2018

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This information is as reported by the business, and responses are in their own words.

This report was filed on 30 July 2018

and approved by Ross T B Bowen

Payment statistics

Average time taken to pay invoices: 11 days

Invoices paid:

• within 30 days: 95%
• in 31 to 60 days: 2%
• in 61 days or more: 3%

Invoices due but not paid within agreed terms: 11 %

Payment terms

Shortest standard payment period

10 days

Longest standard payment period

30 days

Standard payment terms

For standard suppliers our standard terms are 30 days unless agreed otherwise. Terms for smaller local businesses are 14 days. Our standard terms for panel surveyors is that payment will be made on the next payment run after we receive funds from the client. BACS payment runs are weekly.

Were there any changes to the standard payment terms in the reporting period?

Yes – Certain small local businesses were on either no agreed payment terms or on immediate or very short payment terms. In order to reflect current processes, such suppliers have been changed to a 14 day payment period.

Were suppliers notified or consulted about these changes before they were made?

Yes – All such suppliers were written to during this period and informed that they would be paid as soon as possible following receipt and then authorisation of payment, but that this could take up to 14 days. The opportunity was provided to them to query this change and no such queries were raised. Although this was a change to their formal payment terms, it was a reflection of their existing arrangements.

Maximum contractual payment period agreed

30 days

Any other information about payment terms

N/A

Dispute resolution process

Connells Survey & Valuation Limited actively seeks to resolve disputes by liaising directly with the supplier. Cases are initially handled by the Accounts Payable Department and/or the procurement team and when necessary escalated to an appropriate manager or director.

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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No

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