TILBURY DOUGLAS CONSTRUCTION LIMITED
Company number: 00303359
1 January 2022
to 30 June 2022
This report was filed on 22 July 2022
and approved by George Restall
Average time taken to pay invoices: 34 days
- within 30 days: 51%
- in 31 to 60 days: 40%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 44 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
The majority of our suppliers are on payment terms of between 7 & 60 days
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
Following a Cyber-attack we have recently implemented an new ERP system. This has introduced new processes for the payment of invoices which will drive improvements in payment performance.
Dispute resolution process
Disputes can be sent to the finance team who will seek to resolve the issue and where necessary consult with the procurement and/or site team. In exceptional circumstances the matter may be referred to an executive director to resolve. Where the contract terms and conditions provide, the matter may be addressed through the formal disputes procedure.
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?