COSTAIN LIMITED

Company number: 00610201

Reporting period:
1 January 2022 to 30 June 2022

This information is as reported by the business, and responses are in their own words.

This report was filed on 28 July 2022

and approved by Warren Clements

Payment statistics

Average time taken to pay invoices: 19 days

Invoices paid:

within 30 days: 85%
in 31 to 60 days: 13%
in 61 days or more: 2%

Invoices due but not paid within agreed terms: 12%

Payment terms

Shortest standard payment periods

21 days

Longest standard payment period

45 days

Standard payment terms

Payment terms are agreed with suppliers and subcontractors as part of the contract arrangements and invoices must show the order number. Terms vary from 21 days where payment is made once the invoice is processed to 45 days from date of invoice. The most frequently used terms for suppliers in the reporting period are 30 days from the date of invoice with payment for these suppliers generally made after receipt of a statement from the supplier and a reconciliation of the account.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

45 days

There were no changes to standard payment terms in the reporting period. Our invoice and payment processes have continued in a remote working environment since early 2020. We ask all suppliers to provide invoices (containing our purchase order reference) and statements of account in electronic format by email. During the reporting period, we have continued to include cleared approved invoices for all suppliers on weekly payment runs and these include all invoices matched to statements

Any other information about payment terms

Terms for new suppliers are initially set at 30 days but if requested these can be altered by agreement. We no longer have terms greater than 45 days. All invoices are selected for payment when they are fully cleared in our system and we may then pay sooner than the terms require.

Dispute resolution process

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.

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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

Yes, this business has signed up to: Payment Practice Code

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.

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.

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?