PREMEX SERVICES LIMITED
Company number: 03281191
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
28 January 2019
Approved by:
Mike Cutler
Payment statistics
Average time taken to pay invoices: 79 days
Invoices paid:
- within 30 days: 11%
- in 31 to 60 days: 45%
- in 61 days or more: 44%
Late and disputed:
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
360 days
Standard payment terms
The most frequent terms wording which has been incorporated into the contract for medical experts states 40 calendar days from the end of the month in which the invoice is received
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
360 days
Further to the above we do negotiate extended terms with some of our medical experts which can extend to 360 calendar days
Any other information about payment terms
No further comment provided
Dispute resolution process
PSLs process for resolving a dispute with a supplier in relation to payment is to correct any failure to pay caused by error or oversight as soon as discovered Where non-payment is caused by disagreement then we will seek to agree a compromise with the supplier Any complaint or concern will be considered initially by the Purchase Ledger Team. For overhead suppliers -disputes will be escalated to the Purchasing Manager. For Medical Experts payment issues - disputes will be escalated to the Experts Liaison Manager. Clarification will always be sought by our in-house Legal Team All disputes will be reviewed with within 14 days of notification and a response or payment sent
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 Fair 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.
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.
Yes
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No