Company number: 02379469
and approved by James Wimpenny
Average time taken to pay invoices: 37 days
Invoices paid:
Invoices due but not paid within agreed terms: 20%
30 days
Answer not provided
Payment terms are agreed with sub-contractors and suppliers as part of contract negotiations and to comply with any statutory and contractual requirements. The most frequently used payment terms in the reporting period for contracts relating to the supply of goods and services are 30 days and for contracts for the supply of goods only 60 days
Answer not provided
N/A
60 days
No further comment provided
PPC 30 Day SME Improvement Proposal: BAM Construction Ltd, is committed to ongoing improvement and we continue to focus on improving our payment performance in light of these latest results. We will continue to conduct regular business wide internal performance meetings in which we look in detail at payment performance of our whole supply chain, specifically we will be focussing in more detail on those suppliers who employee less than 50 direct staff. We continue to educate and reinforce the importance of the Prompt Payment Code requirements to our workforce and we support our staff through a network of regional representatives. The introduction of new invoice process technology from January 2022, means communication with suppliers will be become more timely and more focussed. BAM continues to invest in technology and staff to ensure the continued improvement of our payment performance. Payment statistics for SME Vendors: Average time taken to pay invoices in days: 30 days Invoices paid: A. Within 30 days: 55% B. In 31 to 60 days: 43% C. in 61 days or more: 2% Invoices due but not paid within agreed upon terms: 30% • Our data set includes all intercompany invoices • This report has been circulated to all of our respective business units for review Signed off by: Financial Controller: Matt Foster Signature: Financial Director: Neil McGruer Signature: Chief Executive: James Wimpenny Signature: Reporting period: 01/07/2021- 31/12/2021 Date: Return Date: 31/01/2022 Date of Submission:
BAM Construction Limited proactively seeks to avoid disputes by discussing any disagreements or issues with the relevant sub-contractor or supplier and, in particular, it has regular dialogue with its key supply chain partners at senior management level. Where it is not possible to reach agreement on any dispute there are a number of potential dispute resolution methods available to the parties including mediation, adjudication, expert determination and litigation.
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.
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