Company number: 00610201
and approved by Martin Hunter
Average time taken to pay invoices: 32 days
Invoices paid:
Invoices due but not paid within agreed terms: 26%
21 days
45 days
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.
Answer not provided
N/A
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 late March. We ask all suppliers to provide invoices and statements in electronic format by email. During the reporting period, we have changed our process to include all suppliers on weekly (instead of twice monthly) payment runs and these include all invoices matched to statements. During quarter four of the year, we maintained weekly payment runs to all suppliers and these now include all agreed invoices every week regardless of the payment due date. We expect this to further improve our statistics in the first half of 2021
N/A
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. Where it is not possible to reach agreement, usually on entitlement in relation to subcontracts, a number of potential dispute resolution methods may be used, most commonly, mediation or adjudication. If it remains impossible to reach agreement, the items may be referred for litigation.
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.
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