PAYMENT PRACTICES

Our Payment Strategy Statement

A key strand of our Positive Impact Plan is our commitment to doing Better Business. We recognise that without a strong and sustainable supply chain, we will not fulfil our mission of being the best performing company in our chosen markets. We are committed to growing with our supply chain partners, and a key aspect of this collaborative approach is ensuring that we treat our supply chain fairly with respect to payment practices.

Our strategy to support fair treatment of our supply chain through payment practices involves:

  • Continual analysis of payment practices data, to identify supply chain partners with whom it would be mutually beneficial to agree reduced payment terms.
  • Embracing technology and developing internal processes to minimise the time taken to process payments, whilst maintaining effective governance and cost control; and
  • Working with our supply chain partners to resolve invoice queries in an effective manner, allowing payments to be made within agreed terms

We recognise that the Construction industry has historically had a reputation for late payments to
suppliers and that the UK Government is striving to rectify this issue through the introduction of the
payment practices reporting framework.

A key strand of our Positive Impact Plan is our commitment to doing Better Business. We recognise
that without a strong and sustainable supply chain, we will not fulfil our mission of being the best
performing company in our chosen markets.

We are committed to growing with our supply chain
partners, and a key aspect of this collaborative approach is ensuring that we treat our supply chain
fairly with respect to payment practices. The bullet points below are a summary of our Payment
Practices Improvement Plan:

  • Continual analysis of payment practices data, to identify supply chain partners with whom
    it would be mutually beneficial to agree reduced payment terms
  • Embracing technology and developing internal processes to minimise the time taken to
    process payments, whilst maintaining effective governance and cost control
  • Working with our supply chain partners to resolve invoice queries in an effective manner,
    allowing payments to be made within agreed terms
    For any queries around our approach to payment practices and for resolution of any specific issues
    in relation to supply chain payments, please contact us
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