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WATES CONSTRUCTION LIMITED

Company number: 01977948

Reporting period:
1 July 2023 to 31 December 2023


Warning This information is as reported by the business, and responses are in their own words.

This report was filed on 29 January 2024

and approved by Philip Wainwright

Payment statistics

Average time taken to pay invoices: 29 days

Invoices paid:

Invoices due but not paid within agreed terms: 18 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

45 days

Standard payment terms

The standard terms vary according to the type of supply as follows:

Sub-Contractors – 45 or 30 days from assessment date. Applications are requested up to 5 days before the assessment date.

General Suppliers & Consultants – 30 days from date of invoice

Suppliers of major materials – 30 days from end of month of supply

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

For smaller businesses, 73% of invoices were paid within 30 days.

Dispute resolution process

Wates seeks to avoid disputes by discussing matters directly with the relevant supplier. All standard agreements set out a dispute resolution process. In the first instance contact is with the accounts payment team or commercial staff responsible for the matter. If it cannot be resolved at that level there is an escalated negotiation option involving a senior member of the business team. If the matter cannot be resolved at that senior level the preference is to refer to some form of ADR (mediation, expert determination, etc.) but adjudication or legal proceedings may be used.

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.

Yes – Prompt Payment Code

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