SHAW TRUST LIMITED(THE)
Company number: 01744121
Reporting period:
1 March 2024 to 31 August 2024
Report filed on:
10 October 2024
Approved by:
James Robertson
Payment statistics
Average time taken to pay invoices: 17 days
Invoices paid:
- within 30 days: 96%
- in 31 to 60 days: 3%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 4%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Our standard supplier payment terms are 30 days, however we have a number of suppliers in our supply chain whom we pay earlier (but still contracted at 30 days 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
Shaw Trust reserves the right to only pay for goods and services for which it is entirely satisfied. Shaw Trust reserves the right to withhold payment of a disputed amount pending a resolution. In the case of a dispute, the expectation is that it can be resolved amicably with direct conversations and negotiations between the Shaw Trust member of staff who commissioned the work and the supplier. If this is not possible and the supplier feels he is still entitled to payment (and subject to the requirements stated above having been adhered to) then the following dispute resolution process is recommended - Stage 1 The supplier puts in writing to Shaw Trust’s Head of Procurement the details of the dispute. The Head of Procurement will then conduct an internal investigation, speaking to relevant Shaw Trust colleagues and to the supplier to fact find. The Head of Procurement will objectively seek to arbitrate and will endeavor to provide a verbal response to the supplier, followed by confirmed in writing, within 7 working days of the issue being raised, with recommendations for resolution. Stage 2 If the supplier remains dissatisfied with the outcomes of Stage 1, he should then escalate his concerns in writing to the Trust’s Chief Financial Officer, for their consideration. Stage 3 Legal Proceedings. As a final resort, legal proceedings may be necessary.
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: Merlin standard accredited
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