CENTRE FOR PROCESS INNOVATION LIMITED
Company number: 05002194
Reporting period:
1 April 2023 to 31 March 2024
Report filed on:
15 July 2024
Approved by:
Tracey Stonehouse
Payment statistics
Average time taken to pay invoices: 22 days
Invoices paid:
- within 30 days: 85%
- in 31 to 60 days: 11%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 16%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Unless agreed to the contrary (see Standard payment terms section below,) that our standard payment period is typically In accordance with
Regulation 113 of the Procurement Contract Regulations, where we strive to make payments to our suppliers no later than 30 days following our validation of undisputed invoices that we have
received. By validation we mean that we have checked that it is a genuine invoice from a genuine supplier and we have received the goods or services to which it relates, or that it relates to an advance milestone
payment which was
agreed when the
contract was awarded.
30 days standard, 60
days for some
individually agreed
customers, any
agreement of payment
terms > 30 days are
approved by
management and are
based upon proven
payment history
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
Our finance and procurement departments will
investigate and provide details in relation to any disputes or concerns, if necessary we can liaise with
individual employees/departments to which an order relates to help to resolve disputes or issues.
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