ARCUS FM LIMITED
Company number: 06475835
Reporting period:
1 April 2023 to 30 September 2023
Report filed on:
31 October 2023
Approved by:
Paul Knight
Payment statistics
Average time taken to pay invoices: 70 days
Invoices paid:
- within 30 days: 2%
- in 31 to 60 days: 21%
- in 61 days or more: 77%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 10%
Payment terms
Shortest standard payment periods
64 days
Longest standard payment period
94 days
Standard payment terms
Arcus shall make payment for the Goods or Services within two (2) calendar months plus four (4) working days from end of the month in which a valid invoice is received by Arcus or, if later, after acceptance of the Goods or Services by Arcus should such acceptance of such Goods or Services be in question by Arcus. Arcus will not accept, and shall not be required to pay, any invoices received two months or more after the date when the Services were carried out or Goods accepted.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
94 days
n/a
Any other information about payment terms
n/a
Dispute resolution process
Where Arcus disputes the whole or any part of an invoice it shall (without prejudice to any other rights) pay all undisputed amounts and Arcus and the Supplier shall endeavour to settle, as soon as possible, any disputed items. Any overpayments shall be repaid to Arcus forthwith. If Arcus fails to pay any amount properly due and payable by it under the Contract, the Supplier shall have the right to charge interest on the overdue amount at 2% plus the base rate for the time being of Barclays Bank accruing on a daily basis from the date of judgment up to the date of actual payment which sum the parties acknowledge to be a reasonable remedy and the Supplier’s sole remedy in respect of late payment.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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