MILLGATE DEVELOPMENTS LIMITED
Company number: 02229073
Reporting period:
1 April 2018
to 30 September 2018
This report was filed on 24 October 2018
and approved by Rebecca Worthington
Payment statistics
Average time taken to pay invoices: 30 days
Invoices paid:
- within 30 days: 58%
- in 31 to 60 days: 38%
- in 61 days or more: 4%
Invoices due but not paid within agreed terms: 20 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
61 days
Standard payment terms
Where payment relates to services provided by a subcontractor, payment of any sum ascertained as due in accordance with Millgate’s Sub-Contract Agreement is to be settled fortnightly. Where the payment relates to goods and materials the terms differ, and are required to be paid the month after the month of the date of the invoice, unless agreed other wise.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
61 days
Any other information about payment terms
N/A
Dispute resolution process
Dispute resolution is a three step process that starts with the dispute being referred to the relevant Manager within the business. Millgate and the Vendor will then seek to settle the dispute by negotiation. If the dispute is not resolved it shall be referred to expert determination.
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