How long does Eric Wright Construction Limited take to pay its suppliers?

Standard payment terms

All payment terms are generally 30 days. For purchase ledger this will be 30 days from invoice date. In respect of subcontractor payments, these terms are 30 days from the due date of the application for payment, the due date being dictated by the payment schedule bound within the terms of the Sub-Contract. The contracts all state a latest application date which is 3 days prior to the due date. The payments are then made within no more than 30 days from the due date of the application. As this report requires reporting based on "invoice date" these subcontractor payments may fall into the 30 - 60 day aged data category, however they have in fact been paid on time. Over 95% of invoices and subcontractor payments are actually settled within contracted payment terms.

Dispute resolution

Purchase ledger invoices – suppliers should contact the accounts department in relation to queries. Disputes will be resolved with the assistance of personnel ordering the goods or services and invoice processing is subject to completed purchase orders and appropriate receipt or proof of delivery. Queries or disputes in relation to subcontractor payments should be addressed in the first instance to the relevant Quantity Surveyor or to the Subcontract Ledger Clerk within the accounts department. Any unresolved issues thereafter can be referred to the surveying / Commercial Director(s).