NIGEL FRANK INTERNATIONAL LIMITED
Company number: 05985779
Reporting period:
1 December 2023 to 31 May 2024
Report filed on:
1 July 2024
Approved by:
Lewis Miller
Payment statistics
Average time taken to pay invoices: 9 days
Invoices paid:
- within 30 days: 91%
- in 31 to 60 days: 8%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 9%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
30 days
Standard payment terms
Nigel Frank International Limited and the wider Frank Recruitment Group are committed to paying all suppliers promptly and on time.
The standard terms for suppliers involved in the provision of contract services are 14 days from the submission of an invoice.
The standard term for suppliers providing all other services is to pay before the end of the month following the month in which a valid invoice is received.
The company does not, as standard, look to negotiate payment terms longer than the standard terms.
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
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Disputes relating to supplier invoices are rare but the business' resolution process is robust and centres on early engagement with the supplier followed by an internal escalation process which ensures that disputes are resolved quickly by the relevant department.
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