NINE ELMS LLP
Company number: OC384730
Reporting period:
1 April 2018 to 30 September 2018
Report filed on:
29 October 2018
Approved by:
Jessica White
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 59%
- in 31 to 60 days: 34%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 65%
Payment terms
Shortest standard payment periods
21 days
Longest standard payment period
60 days
Standard payment terms
Construction Management Fee, the Office Staff Fee and the Net Works Costs: Subject to the Client or Supervisor approving the invoice then the due date for payment of monies pursuant to this Agreement shall be the later of the fifth working day of the month and the date on which that the relevant invoice is received (the "Due Date").
The final date for payment by the Client shall be 21 days from the Due Date.
Purchase Ledger Terms: Payments are due 30 days following the calendar month end the invoice was raised.
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The Client shall or shall procure that the Supervisor reviews the invoices and either certifies as approved such invoice or issues a notice in writing to the Construction Manager disputing any amount in respect of the invoice (the "Disputed Sum") within 5 working days of receipt by the Client of such invoice.
If the Client or Supervisor issues a notice in writing to the Construction Manager pursuant to clause 5.4 setting out the Disputed Sum, the Client shall use its reasonable endeavours to resolve the Disputed Sum with the Supervisor and the Construction Manager within 10 working days of the invoice.
Where the Client intends to pay less than the amount stated in the invoice, the Client and/or the Supervisor on behalf of the Client shall give written notice to the Construction Manager not later than seven days before the final date for payment under sub-clause 5.7 (the "Pay Less Notice"). The Pay Less Notice shall state the amount which the Client intends to pay and the basis upon which the amount has been calculated. The sum due to be paid to the Construction Manager shall be the amount stated in such Pay Less Notice.
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