HOARE LEA LLP
Company number: OC407254
Reporting period:
1 May 2017 to 31 October 2017
Report filed on:
29 October 2018
Approved by:
Mark Duncan West
Payment statistics
Average time taken to pay invoices: 28 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 11%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 16%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
180 days
Standard payment terms
We pay valid invoices in line with our contractual obligations unless a dispute exists.
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
180 days
As set voluntarily by our supplier
Any other information about payment terms
No further comment provided
Dispute resolution process
We seek to resolve any dispute within the contractually agreed terms. In particular, if a dispute resolution clause exists within a given supply contract we will resolve dispute in line with those clauses. Where a dispute resolution clause does not exist, we will resolve disputes in accordance with section 108 of the Construction Act (for contracts that fall within the scope of the Construction Act) or in line with any other applicable statutory provisions.
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