Search Legislation

The Reporting on Payment Practices and Performance Regulations 2017

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Reporting on Payment Practices and Performance Regulations 2017 No. 395

Regulation 3

SCHEDULEInformation

This schedule has no associated Explanatory Memorandum

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.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Draft Explanatory Memorandum

Draft Explanatory Memorandum sets out a brief statement of the purpose of a Draft Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Draft Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources