Company number: 00610201
1 January 2018
to 30 June 2018
This report was filed on 31 July 2018
and approved by M D Hunter
Average time taken to pay invoices: 59 days
- within 30 days: 26%
- in 31 to 60 days: 48%
- in 61 days or more: 26%
Invoices due but not paid within agreed terms: 67 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
Payment terms are agreed with suppliers and subcontractors as part of contract negotiations. The most frequently used terms in the reporting period are 60 days from the date of invoice.
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
Costain Limited actively seeks to resolve disputes by discussing them with the relevant supplier(s) and typically involving members of the relevant project’s supply chain, procurement or commercial teams and the relevant accounts or accounts payable team. For major suppliers and subcontractors, Central procurement will likely be involved and, where necessary, members of management.
Where it is not possible to reach agreement, usually on entitlement in relation to subcontracts, a number of potential dispute resolution methods may be used, most commonly, mediation or adjudication. If it remains impossible to reach agreement, the items may go to litigation.
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?