SELECT PLANT HIRE COMPANY LIMITED
Company number: 01973463
1 October 2021
to 31 March 2022
This report was filed on 3 May 2022
and approved by Rowan Baker
Average time taken to pay invoices: 38 days
- within 30 days: 49%
- in 31 to 60 days: 33%
- in 61 days or more: 18%
Invoices due but not paid within agreed terms: 40 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
Payment terms are agreed with subcontractors and suppliers as part of contract negotiations and to comply with any statutory and client contractual requirements. Terms agreed range from 7 Days to 60 Days from month end of invoice.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
The maximum contractual payment period is 60 Days from month end of invoice.
Any other information about payment terms
Select Plant Hire Company Limited is a proud signatory of the Prompt Payment Code and remains committed to meeting the targets and guidance provided as part of this Code. Select Plant Hire Company Limited continues to invest significant resource in our governance, systems and processes to improve payment to terms of its valued supply chain partners.
In accordance with the Prompt Payment Code, Select Plant Hire Company Ltd is committed to payment of all compliant invoices provided by suppliers deemed to be small companies (defined as those having fewer than 50 employees) within 30 days. System enhancements have been made to identify companies within this category while management focus continues on improving payment experiences for all supply chain members.
Dispute resolution process
Select Plant Hire Company Limited is committed to fair treatment of all its supply chain partners and promotes transparency and swift resolution of any dispute.
For both supplier and subcontractor disputes the process will involve the Accounts Payable Department and may involve members of Procurement, Office Management and Commercial and where necessary other Senior Management. Subcontractor disputes will initially be addressed by the Project Commercial team.
Following escalation to Senior Management, on rare occasions where it is not possible to reach an agreement suitable to both parties, 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 – 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.
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?