VITAL ENERGI UTILITIES LIMITED

Company number: 04050190

Reporting period:
1 July 2019 to 31 December 2019

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

This report was filed on 29 January 2020

and approved by Stephen Beckett

Payment statistics

Average time taken to pay invoices: 51 days

Invoices paid:

within 30 days: 28%
in 31 to 60 days: 42%
in 61 days or more: 30%

Invoices due but not paid within agreed terms: 39%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

The Companies standard payment terms for sub-contractors and suppliers are 60 days. However, these terms are often subject to negotiation or our suppliers will only contract under their own payment terms. In these circumstances, the Company may agree to shorter payment terms.

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

N/A

Dispute resolution process

We rarely have disputes which relate simply to our non-payment of invoices, as we usually only withhold sums where we have a contractual right to do so for breach or non-performance of the contract in accordance with the terms of the contract. Our contracts which relate to construction operations are subject to the Housing Grants, Construction and Regeneration Act 1996 (as amended), so we must also comply with the relevant statutory notice provisions in respect of those contracts before any payment can be withheld. If a dispute does arise, the relevant commercial lead will attempt in the first instance to resolve the matter through dialogue with the other party. If the dispute cannot be resolved or we receive formal notification of a claim for outstanding sums, then it is passed to our group lawyer in order to provide advice as to the merits of our position and how the claim can be best resolved. If the matter escalates to court, we will usually involve external solicitors to provide further advice and act on our behalf to try to resolve or settle the dispute.

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.

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.

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?