ISG CONSTRUCTION LIMITED

Company number: 00450103

Reporting period:
1 July 2022 to 31 December 2022

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

This report was filed on 28 January 2023

and approved by Jessica Lion

Payment statistics

Average time taken to pay invoices: 16 days

Invoices paid:

within 30 days: 81%
in 31 to 60 days: 18%
in 61 days or more: 1%

Invoices due but not paid within agreed terms: 26%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

60 days

Standard payment terms

The company does not have standard payment terms. Payment terms are agreed with suppliers as part of contract negotiations. The most frequently used payment terms in the reporting period are 30 days from date of invoice.

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

n/a

Any other information about payment terms

Prompt Payment Code statistics: - Average time to pay in days is 31 - % of Payments 30 days or fewer 36% - % of Payments 31 to 60 Days 63% - % of Payments above 60 Days 1% - % of Payments not paid in Agreed Period 71% ISG is committed to continual improvement with regards to systems and ensuring that vendors will be paid in line with target dates. In support of this we are implementing a new source to pay and ERP systems. While in the short term the implementations may have a negative impact on payment performance, by the end of 2023 all businesses will be live with the ERP and Purchase to Pay system which will significantly improve ISG’s ability to increase automation and efficiency to the benefit of our supply chain.

Dispute resolution process

The company actively seeks to resolve disputes in a timely manner. This process will involve the Accounts Payable team and where necessary the Supply Chain team, Commercial teams and Senior Management. A member of the team will contact the supplier to discuss the dispute. Supplier relationships, managed more & more in a structured way, ensure we very rarely have the need for formal dispute resolution processes. If it is not possible to reach an agreement suitable to both parties then other methods of dispute resolution may include but are not limited to adjudication, litigation etc. as determined by the companies’ legal department. This is very much seen as a last resort.

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.

Yes, this business has signed up to: Prompt Payment Code

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?