CLARK CONTRACTS LIMITED
Company number: SC088490
Reporting period:
1 November 2023 to 30 April 2024
Report filed on:
30 May 2024
Approved by:
John Mooney
Payment statistics
Average time taken to pay invoices: 43 days
Invoices paid:
- within 30 days: 25%
- in 31 to 60 days: 70%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 20%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
56 days
Standard payment terms
Our Standard Payment Terms are between 28 and 56 days.
Consultants standard terms are payment within 28 days.
Suppliers standard terms are payment net monthly, which is payment at the end of the month following the month of invoice.
Subcontractor standard payment terms are payment within 56 days.
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
56 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
We engage with the subcontractor, consultant or supplier at the earliest opportunity to resolve disputes.
We believe that having a close relationship enables us to deal with the dispute quickly without going through a formal dispute process.
Supplier disputes are dealt with initially by the finance department with assistance from the procurement department where needed.
If the dispute cannot be resolved then it will be escalated to the Financial Accountant, Senior Buyer and ultimately the Finance Director.
Subcontractor and consultant disputes are initially dealt with by the surveyor for the project.
If the dispute cannot be resolved at this stage then it will be escalated to the Senior Surveyor of the project and ultimately to the project Director.
Where disputes cannot be resolved informally, other methods including mediation, adjudication, litigation and arbitration 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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: The 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