GOV.UK
AIRWAVE SOLUTIONS LIMITED
Company number: 03985643
Reporting period:
1 July 2023
to 31 December 2023
This report was filed on 7 February 2024
and approved by Yvonne Low
Payment statistics
Average time taken to pay invoices: 13 days
Invoices paid:
- within 30 days: 92%
- in 31 to 60 days: 6%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 13 %
Payment terms
Standard payment period for qualifying contracts
40 days
Standard payment terms
Standard payment terms are net 40 days after the date of receipt of an accurate invoice. Charges shall be as set out in the Purchase Order and shall remain fixed until completion of an agreement. Charges in connection with property leases shall be in accordance with the underlying lease or contract. The supplier shall, following acceptance of any deliverables, be entitled to submit an invoice for the appropriate charge containing the particulars required by statute.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
40 days
Any other information about payment terms
Standard payment terms are net 40 days. In addition to this we have offered enhanced 30 day terms to certain suppliers. Payments under lease contracts are targetted on 7 day terms following the receipt of an invoice that agrees to the underlying lease contract and payments under 'self-bill' arrangements are deemed to be due when paid. The figures above are measured against these enhanced terms on a supplier by supplier basis, not against our standard 40 day terms.
Dispute resolution process
We first seek to resolve disputes via phone or email via our finance team and the appropriate business purchaser or lease manager. It is the intention of Airwave to settle amicably all disputes, disagreements or differences of opinion that arise by conference and negotiation in good faith. Our standard terms lay out an escalation process to ensure this can be achieved. If resolution cannot be achieved, then each of Airwave and the supplier are free to pursue their legal rights and remedies subject to the exclusive jurisdiction of the laws and courts of England.
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