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WINVIC CONSTRUCTION LIMITED

Company number: 04135363

Reporting period:
1 February 2018 to 31 July 2018

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This information is as reported by the business, and responses are in their own words.

This report was filed on 30 August 2018

and approved by C Allsopp

Payment statistics

Average time taken to pay invoices: 36 days

Invoices paid:

• within 30 days: 40%
• in 31 to 60 days: 58%
• in 61 days or more: 2%

Invoices due but not paid within agreed terms: 21 %

Payment terms

Shortest standard payment period

31 days

Longest standard payment period

40 days

Standard payment terms

Most of our suppliers are on standard terms of end of month following month of invoice. Our subcontractors are on 40 days end of month terms.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

40 days

Any other information about payment terms

N/A

Dispute resolution process

Suppliers/ Subcontractors are informed of any disputes directly by the project team or commercial team. Every effort is taken to resolve these disputes quickly. In the event of no resolution by the people directly involved then it will be escalated to an appropriate senior manager/ Director.
In the unlikely event of a subcontract dispute that is not easily resolved, the adjudication option is included within all subcontractor orders.

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.

No

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.

No

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.

No

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?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No