AVANT HOMES GROUP LIMITED
Company number: 09304211
8 July 2022
to 31 December 2022
This report was filed on 30 January 2023
and approved by Richard Stenhouse
Average time taken to pay invoices: 46 days
- within 30 days: 19%
- in 31 to 60 days: 54%
- in 61 days or more: 27%
Invoices due but not paid within agreed terms: 11 %
Standard payment period for qualifying contracts
Standard payment terms
The payment terms adopted by the Avant Homes Group are for invoices to be settled on the next payment run following the credit terms requested by the respective supplier. These terms range from immediate payment, to payment falling due at the end of the month following the invoice date. Consequently, when the invoice is approved by the appropriate delegated authority, it is allocated for payment accordingly. The Avant Homes Group standard payment terms is 60 days which is applied to all new suppliers, when the policy was updated large existing suppliers were asked to accept the new terms and confirm acceptance back in writing. To date no supplier has been forced to adopt the new extended terms.
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
At Avant, we strive to resolve queries and disputes on a timely basis. In respect of subcontractors, our dispute resolution process involves a collaborative review of progress on site between Avant surveyor and subcontractor, inclusive of Avant quality check, with reference to the application made. In the majority of circumstances, our commercial staff will resolve a dispute directly with the subcontractor. In respect of suppliers, goods received are inspected and receipted on site with any issues arising communicated to the supplier via telephone or email.
In the rare event that a dispute cannot be resolved by commercial staff the matter will be referred to our in-house legal counsel.
The figures above have not been amended to remove invoices where were under query or dispute.
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.
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?