TOLENT CONSTRUCTION LIMITED
Company number: 02450574
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
30 July 2018
Approved by:
Andrew Clark
Payment statistics
Average time taken to pay invoices: 43 days
Invoices paid:
- within 30 days: 19%
- in 31 to 60 days: 54%
- in 61 days or more: 26%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 43%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
91 days
Standard payment terms
Purchase Ledger Supplier Payments - payment unless stated otherwise is 60 days after the end of the month in which a valid invoice is received provided the goods have been delivered and all requisite contract doumentation has been submitted. Sub-contract ledger. Standard payment terms are variable and between 30 and 60 days from the measured to date dependent on the subcontract agreement.
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
91 days
The maximum contractual payment period is 60 days after the end of the month the invoice is received.
Any other information about payment terms
N/A
Dispute resolution process
Tolent is committed to fair dealing with all of its supply chain members, and transparency and swift resolution of disputed items are key principles in this process. Tolent actively seeks to resolve disputes by discussing them with the relevant supplier(s), typically involving members of the accounts payable and credit control departments and /or the procurement and commercial teams and / or where necessary members of management. However, where it is not possible to reach agreement, a number of potential dispute resolution methods (for example, mediation, adjudication, expert determination, litigation and / or arbitration) may be used.
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.
No
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.
No
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