NOVUS PROPERTY SOLUTIONS LIMITED

Company number: 02403551

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 30 January 2023

and approved by Steve Oldroyd

Payment statistics

Average time taken to pay invoices: 34 days

Invoices paid:

within 30 days: 51%
in 31 to 60 days: 39%
in 61 days or more: 10%

Invoices due but not paid within agreed terms: 26%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

49 days

Standard payment terms

Material and overhead invoices are paid 30 days from end of month of invoice unless specifically agreed otherwise. Subcontractors are required to submit applications by no later than the 21st of the month, reflecting the anticipated valuation of work delivered as at that month end (Valuation Date). Following the principles of the Construction Act, the Due Date for approved applications is 35 days after the Valuation Date, with the final date for payment 14 days after the Due Date. Subcontractors have the opportunity to request weekly payments. Further information on payment terms can be found at novussolutions.co.uk/tc

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

49 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Novus seeks to avoid disputes by maintaining an open dialogue with its supply chain. When disputes arise Novus seeks to resolve the matter via the following channels: Disputes should be discussed with the ordering party. If this does not resolve the situation the matter should be escalated to both parties’ immediate line management. If this escalation fails to achieve a mutually acceptable solution the matter will be referred to a director for a final decision. Novus aims to resolve all disputes without third party intervention but on occasion this may be necessary and there are a number of options available to our supply chain: • Subcontract disputes may be referred to adjudication. • Non-subcontract disputes, and subcontract disputes that cannot be resolved by adjudication - either party may escalate the matter to a court of law. In the case of subcontract disputes Novus may opt for Arbitration as an alternative method of dispute resolution to a court of law.

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.

Yes

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?