BAM CONSTRUCT & VENTURES UK LIMITED

Company number: 03311781

Reporting period:
1 January 2024 to 30 June 2024

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

This report was filed on 24 July 2024

and approved by Kim Sides

Payment statistics

Average time taken to pay invoices: 33 days

Invoices paid:

within 30 days: 63%
in 31 to 60 days: 31%
in 61 days or more: 6%

Invoices due but not paid within agreed terms: 25%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

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, a maximum of 60 days.

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

60 days

No further comment provided

Any other information about payment terms

Suppliers with less than 50 direct employees are contracted on maximum 30 day terms consistent with our participation in the Prompt Payment Code.

Dispute resolution process

BAM Construct & Ventures UK 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.

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: Prompt Payment 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.

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.

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?