READIE CONSTRUCTION LIMITED
Company number: 06069233
Reporting period:
1 April 2021 to 30 September 2021
Report filed on:
21 February 2022
Approved by:
Jessica McCarthy
Payment statistics
Average time taken to pay invoices: 32 days
Invoices paid:
- within 30 days: 63%
- in 31 to 60 days: 32%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 30%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
Suppliers are predominantly paid on 30 days end of month. Subcontractors standard terms are 42 days from valuation date.
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
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The Company tries to avoid disputes with its supply chain. Where a dispute does occur the Senior commercial team will work with the supplier / subcontractor to resolve.
Where this is not successful we may then use other methods of dispute resolution such as mediation, litigation or adjudication.
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