F M CONWAY LIMITED
Company number: 00706445
1 October 2021
to 31 March 2022
This report was filed on 28 April 2022
and approved by Mark Goldsworthy
Average time taken to pay invoices: 28 days
- within 30 days: 61%
- in 31 to 60 days: 34%
- in 61 days or more: 5%
Invoices due but not paid within agreed terms: 12 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
Standard payment terms are 45 days from receipt of a valid invoice. Non-Standard terms are agreed with Suppliers and Subcontractors to comply with specific statutory and/or client contractual requirements. Terms agreed range from 7 Days to 60 Days from month end of invoice received.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
FM Conway Limited is committed to fair treatment of all its Supply chain partners and actively promotes transparency with swift resolution of any dispute.
Any dispute arising, either Suppliers or Subcontractors, the process will involve the Accounts Payable Team and the Procurement function as the first port of call. These functions are co-located in our head office to enable timely resolution.
On the rare occasions where it is not possible to reach an agreement suitable to both parties the dispute will escalated to Senior Management. In extreme circumstances other methods of dispute resolution may include but are not limited to mediation, adjudication, expert determination and/or arbitration
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.
Yes – 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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?