Company number: 00610201
and approved by Martin Hunter
Average time taken to pay invoices: 53 days
Invoices paid:
Invoices due but not paid within agreed terms: 61%
21 days
60 days
Payment terms are agreed with suppliers and subcontractors as part of contract negotiations. Terms vary from 21 days, payment once processed, to 60 days from date of invoice. The most frequently used terms for suppliers in the reporting period are 60 days from the date of invoice with payment for these suppliers generally made after receipt of a statement from the supplier. In January 2019, the terms of suppliers other than a small number with higher invoice volumes, were amended from 60 days to 30 days.
Answer not provided
N/A
60 days
No further comment provided
N/A
Costain Limited actively seeks to resolve disputes by discussing them with the relevant supplier(s) and typically involving members of the relevant project’s supply chain, procurement or commercial teams and the relevant accounts or accounts payable team. For major suppliers and subcontractors, Central procurement will likely be involved and, where necessary, members of management. Where it is not possible to reach agreement, usually on entitlement in relation to subcontracts, a number of potential dispute resolution methods may be used, most commonly, mediation or adjudication. If it remains impossible to reach agreement, the items may go to litigation.
For example, signatories to The Prompt 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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No