The Reporting on Payment Practices and Performance Regulations 2017

Regulation 3

SCHEDULE Information

1.  For the purposes of regulation 3, the information in relation to each reporting period that a qualifying company must publish is set out in paragraphs 2 to 12.

Information on payment terms

2.  A description of the qualifying company’s standard payment terms in relation to qualifying contracts, which must include—

(a) the payment period specified in those standard payment terms, expressed in days;

(b) where the qualifying company varied the standard payment terms in the reporting period—

(i) details of the variation, and

(ii) details of any notification or consultation conducted by the qualifying company with its suppliers before making the variation.

3.  A description of the maximum payment period specified in a qualifying contract which the qualifying company has entered into during the reporting period.

Dispute resolution

4.  An explanation of the qualifying company’s process for resolving a dispute with a supplier in relation to payment under a qualifying contract.

Payment practices and policies

5.  A statement as to whether the qualifying company’s payment practices and policies in relation to qualifying contracts include an arrangement under which a supplier can receive payment of an invoiced sum from a finance provider before the end of the payment period, with the qualifying company paying the invoiced sum to the finance provider.

6.  A statement as to whether the qualifying company’s payment practices and policies in relation to qualifying contracts provide for the electronic submission and tracking of invoices.

7.  A statement as to whether the qualifying company is a signatory to a code of conduct or standards on payment practices and, if so, the name of that code.

8.  A statement as to whether the qualifying company’s payment practices and policies allow the qualifying company to deduct a sum from a payment under a qualifying contract, as a charge to a supplier to remain on the qualifying company’s list of suppliers or potential suppliers.

Payment performance

9.  In relation to the payments made under qualifying contracts within the reporting period, a statement of—

(a) the average number of days taken to make such payments, where day 1 is the first day after the relevant day;

(b) the percentage of those payments which were made, where day 1 is the first day after the relevant day—

(i) within the period beginning on day 1 and ending with day 30;

(ii) within the period beginning on day 31 and ending with day 60;

(iii) on or after day 61.

10.  In relation to the payments under qualifying contracts that fall due within the reporting period, a statement of the percentage of these payments which were not made within the payment period.

11.  A statement as to whether the qualifying company has during the reporting period deducted a sum from a payment under a qualifying contract, as a charge to a supplier to remain on the qualifying company’s list of suppliers or potential suppliers.

Approval

12.  The name of the director of the qualifying company who has approved the information set out in paragraphs 2 to 11.

Interpretation

13.  In this Schedule—

“average” means the arithmetic mean;

“payment period” means the period in which a company is contractually required to pay a sum;

“relevant day” means the day on which a company receives an invoice or otherwise has notice of an amount for payment;

“standard payment terms” means, in relation to a qualifying contract—

(a)

the standard terms relating to payment that the qualifying company uses for that type of qualifying contract, or

(b)

where the qualifying company does not use standard terms, the qualifying company’s most frequently used payment terms for that type of qualifying contract.

14.  For the purposes of this Schedule—

(a) a payment falls due on the last day of the payment period;

(b) a payment is made—

(i) when it is received by the supplier;

(ii) if there is any delay in the sum being received for which the qualifying company is not responsible, when it would have been received without that delay.