NG BAILEY LIMITED
Company number: 00342778
3 March 2018
to 2 September 2018
This report was filed on 2 October 2018
and approved by Michael Porter
Average time taken to pay invoices: 45 days
- within 30 days: 26%
- in 31 to 60 days: 55%
- in 61 days or more: 19%
Invoices due but not paid within agreed terms: 54 %
Standard payment period for qualifying contracts
Standard payment terms
NG Bailey Limited does not use standard payment terms. Payment terms are agreed with suppliers and subcontractors as part of contract negotiations. The most frequently used payment terms in the reporting period are 60 days from the end of the month following the tax point of the invoice. Payment runs are typically done on a weekly basis.
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
NG Bailey Limited takes prides in developing open and long lasting relationships with its suppliers and subcontractors. NG Bailey Limited actively seeks to resolve disputes by discussing them with the relevant supplier or subcontractor. This typically involves members of the procurement, accounts payable and commercial teams. Where necessary it is escalated to members of management. Where it is not possible to reach an agreement, a number of potential dispute resolution methods may be used, e.g. mediation, litigation or arbitration.
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?