Company number: 04050190
and approved by Stephen Beckett
Average time taken to pay invoices: 39 days
Invoices paid:
Invoices due but not paid within agreed terms: 45%
1 days
60 days
The company values its supply chain partners and has worked with its SME supply base to provide support where needed during the recent difficult trading conditions affected by the current COVID-19 situation and has reduced payment terms where it was felt to be appropriate. Vital Energi Utilities Limited payment terms are agreed with subcontractors and suppliers as part of contract negotiations and to comply with any statutory or client contractual requirements. As such we have a range of agreed payment terms from ad hoc immediate payments up to 60 days.
Answer not provided
N/A
60 days
The company is continuing to take measures to improve efficiency in invoice processing which will lead to quicker payments to our supply chain. The company continues to review its payment processes and is working towards further reduction and improvement
We are still seeing the periodic impact of COVID-19 on staff absences which has negatively impacted our payment performance.
In every case, in the first instance we seek to resolve disputes through dialogue and in almost all cases, that is the manner in which matters of payment dispute are resolved. Our subcontracts relate to construction operations and are subject to the Housing Grants, Construction and Regeneration Act 1996 (as amended), with which we comply.
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