FERROVIAL CONSTRUCTION (UK) LIMITED
Company number: 05779755
1 January 2022
to 30 June 2022
This report was filed on 21 July 2022
and approved by Maria del Sol Toribio Garcia
Average time taken to pay invoices: 23 days
- within 30 days: 77%
- in 31 to 60 days: 18%
- in 61 days or more: 5%
Invoices due but not paid within agreed terms: 21 %
Standard payment period for qualifying contracts
Standard payment terms
Ferrovial Construction (UK) Limited’s most frequently used payment terms are for construction contracts and these need to be compliant with the Housing Grants, Construction and Regeneration Act 1996 (the “Construction Act”). The period from the valuation to the payment due date for any payment by Ferrovial Construction (UK) Limited to its subcontractors and/or suppliers is generally 5 days with the final date for payment (as described in s110 of the Construction Act) being 30 days after the payment due date.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
The payment period was set by the supplier, and was not a construction contract.
Any other information about payment terms
Dispute resolution process
Ferrovial Construction (UK) Limited generally use the dispute resolution process which is compliant with the Construction Act which allows the parties to the contract to refer to adjudication at any time, whilst having the right to use mediation, arbitration and/or the courts as applicable.
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 Construction Act and 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?