Company number: 00688424
and approved by Mark Anderson
Average time taken to pay invoices: 36 days
Invoices paid:
Invoices due but not paid within agreed terms: 43%
30 days
Answer not provided
Our standard supplier payment period is 30 days from date of invoice. Certain suppliers have shorter payment terms but none have longer terms. Therefore, 30 days represents our maximum contractual payment period. There were no changes to our standard contractual payment terms during the reporting period. The wording of the ‘Price and Payment’ clause in our standard form of contract is as follows: Subject to the Supplier performing its obligations in accordance with the terms of this Contract, Atkins/ Faithful+Gould/ SNC-Lavalin will pay the Price to the Supplier in accordance with this Clause. The Price is inclusive of all: Costs and expenses incurred by the Supplier, including all packaging, insurance, carriage and Delivery costs; Travel, accommodation and subsistence expenses; and Royalties, licence fees or other expenses arising from the use or sub-licence of Atkins/ Faithful+Gould/ SNC-Lavalin, any member of the Atkins Group, their employees, sub-contractors or agents of any IPRs supplied by the Supplier for the purposes of the Supplier fulfilling their obligations under this Contract. The Price is exclusive of Value Added Tax (“VAT”) (and any similar or equivalent taxes, duties, fees and levies imposed from time to time by any government or authority). The Supplier will invoice Atkins/ Faithful+Gould/ SNC-Lavalin for the Price on or after Delivery. Each invoice issued by the Supplier will be a valid VAT invoice and will contain the following information: Contract Manager; Contract Manager staff number (usually 6 digits long); Invoice date; Invoice number; VAT number; Full break down of the charges and description of the Deliverables invoiced (including delivery date); and Line total VAT amount (VAT should be presented as a separate line on all invoices). The Supplier will provide such supporting information with the invoice as may be required by Atkins/ Faithful+Gould/ SNC-Lavalin to enable Atkins/ Faithful+Gould/ SNC-Lavalin to assess whether the amount invoiced is correct. If the Supplier issues an invoice which does not comply with [the immediately preceding clause] Atkins/ Faithful+Gould/ SNC-Lavalin will be entitled to return that invoice to the Supplier in which case the original invoice will be void and the Supplier will issue a replacement invoice which complies with [the immediately preceding clause]. For the avoidance of doubt, the replacement invoice and not the original invoice will trigger the payment obligation under [the immediately following clause]. Subject to [the preceding clauses], each invoice shall be payable by Atkins/ Faithful+Gould/ SNC-Lavalin on the payment date that is specified in the Contract Details. If Atkins/ Faithful+Gould/ SNC-Lavalin disagrees with any invoiced amount, it will give written notice to the Supplier specifying the amounts it disputes. Such disputed amount shall not become due and payable by Atkins/ Faithful+Gould/ SNC-Lavalin until 30 days following the date of reissue of an invoice specifying the agreed amount due. If any sum payable under this Contract is not paid on or before the due date for payment the non-defaulting party will be entitled to charge the defaulting party interest on that sum at a rate of 2% per annum over the base lending rate from time to time of the Bank of England, such interest to accrue from the due date until the date of payment and shall be calculated on a daily basis. Interest will not be chargeable on any disputed sum.
Answer not provided
N/A
30 days
No further comment provided
N/A
Purchase invoices are routed for approval via our electronic work flow system. Where the nominated approver declines to approve the invoice, the reason is communicated via the work flow to our finance shared services team. The supplier is then contacted to advise of the dispute, providing the stated reason and the contact details of the employee who declined the invoice. The supplier is asked to liaise with the latter to resolve the dispute. Once the dispute is resolved, the invoice will be approved within the work flow system and scheduled for payment within one week. In some cases, invoice approval is done by the finance shared services team by means of ‘three-way matching’ against purchase orders and system ‘goods received notes’ or by checking against timesheets and agreed hourly charge rates. Where there are discrepancies, these are advised to the relevant staff member, who will follow up as necessary. If, as a result, the invoice is disputed, the process described above will be followed.
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Prompt Payment Code
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
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