Accounts Payable - Supplier payments summary

<p>
Regulation 113 of the Public Contract Regulation Act 2015 requires all contracting authorities to pay undisputed invoices within 30 days. When disputed invoice payments are not paid within this 30 day period, interest becomes payable on the outstanding amount as set out in the Late Payment Legislation.<p>There is a requirement under Regulation 113(7) of the Public Contracts Regulations Act 2015 that from April 2016 onwards the authority must publicise the following information: </p><ol>
<li>Percentage of Invoices to first tier suppliers / prime contractors of invoices (not under dispute) paid within 30 days</li><li>The amount of interest paid to suppliers due to late payments</li><li>The total amount of interest that the contracting authority is liable to pay (whether or not paid) due to breach of Regulation 113 </li></ol></p>