EXOLUM PIPELINE SYSTEM LTD
Company number: 09497223
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
31 January 2025
Approved by:
Stephen Land
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 79%
- in 31 to 60 days: 12%
- in 61 days or more: 9%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 29%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
The majority of suppliers are engaged on our standard terms. Payment terms are agreed with suppliers and subcontractors as part of the contract arrangements and invoices must show the purchase order number to be processed. The payment period used in our standard terms is 30 days from the date of the correctly provided invoice.
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
60 days
For the majority of suppliers there were no changes to standard payment terms in the reporting period (i.e. 30 days from the date of a validly served invoice). We ask all suppliers to provide invoices (containing our purchase order reference) which should then be uploaded to our internal SAP system where it can be processed for payment. In exceptional circumstances we can make payment without using this system (for example, where the supplier is for a one-off purchase and there is no requirement for their use again). Once the invoice has been fully processed on our system, this will then be included as a cleared approved invoice with all other suppliers on weekly payment runs and these include all invoices matched to statements.
Any other information about payment terms
Given the nature of our operations, the majority of suppliers are engaged in works that are captured by the Housing Grants, Construction and Regeneration Act 1996 therefore the invoicing and payment requirements of suppliers must abide the provisions of this act.
Dispute resolution process
Exolum actively seeks to resolve invoice disputes by discussing them with the relevant supplier(s) to reach an agreed resolution (this process typically involves members of the procurement team and the accounts payable team). Should such a resolution not be met, this would then be passed on to the parties’ senior management to reach a resolution. Where such a resolution is not possible, such matters may be then be referred to adjudication. Should no resolution be met, the disputed items may be referred to court.
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.
Yes
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