SOUTH EAST WATER LIMITED

Standard payment terms

Standard payment terms are generally 60 days from receipt of a valid invoice. In respect of purchases of goods or services under standard terms of purchase set out in purchase orders the standard and maximum payment period is 60 days from receipt of a valid invoice. [By negotiation some suppliers are paid on terms less than 60 days being generally 30 days from receipt of a valid invoice.] In respect of goods and services contracts the standard and maximum contractual payment period is 60 days from receipt of a valid invoice. [By negotiation of contractual terms some suppliers are paid on terms less than 60 days being generally 30 days from receipt of a valid invoice.] In respect of construction contracts (i.e. contracts within the scope of the Housing Grants, Construction and Regeneration Act 1996) the following standard payment terms apply: • The standard payment period and maximum payment period is 60 days from the assessment date under NEC3 engineering and construction contracts and sub-contracts with payer-led payment provisions. The relevant sum becomes due for payment 7 days after the set assessment date at which point the certificate for payment - or payer’s notice - must be issued in accordance with the provisions of the contract. The final date for payment is 53 days from the date on which the payment becomes due. The standard payment period is also 53 days from any payee’s default notice. Amounts paid are subject to pay-less notices as applicable. [By negotiation of contractual terms the final date for payment may be 23 days from the date on which the payment becomes due or payee’s default notice.] • The standard payment period and maximum payment period is 60 days from the time the assessment date under NEC3 professional services contracts and engineering and construction short contracts and short sub-contracts and term service short contract with payee-led payment provisions. The relevant sum becomes due for payment 7 days after the set assessment date. The invoice or application from the contractor is the payee’s notice and the final date for payment is 53 days from the date the payment become due or if later the application or invoice from the contractor. Amounts paid are subject to pay-less notices as applicable. [By negotiation of contractual terms the final date for payment may be 23 days from the date on which the payment becomes due or payee’s notice.] In respect of wholesale water supplies or wholesale sewerage services the standard payment term is in accordance with the relevant provisions of the market codes and following the settlement process of the central market system. In case of pre-payment this is equivalent to a payment period of 4 business days from the receipt of the wholesaler’s invoice. In case of post-payment this is the latter of 30 days after the end of the month to which the charges relate or 15 days from the receipt of the wholesaler’s invoice following the R1 report and otherwise this is 15 days from the receipt of the wholesaler’s invoice.

Were there any changes to the standard payment terms in the reporting period?

No information available

Any other information about payment terms

No additional information

Maximum contractual payment period agreed

60

Has this business signed up to a code of conduct or standards on payment practices?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

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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.

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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.

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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?

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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No information available