BORAX EUROPE LIMITED
Company number: 00036374
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
29 January 2019
Approved by:
Matthew Cox
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 65%
- in 31 to 60 days: 25%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 10%
Payment terms
Shortest standard payment periods
45 days
Longest standard payment period
Answer not provided
Standard payment terms
Rio Tinto standard payment term is EOAP +45 days, which is defined as ‘the fifteenth day of the second month following the end of the Accumulation Period in which the invoice was received by the Company’. Payments are made on the 15th or, if not a business day, the first business day prior to the 15th.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
45 days
No further comment provided
Any other information about payment terms
Rio Tinto has not changed its standard terms in the reporting period, but by July 2018, the specific UK definition of Payment Date had been extended to include: ‘For accountancy purposes, Supplier must issue invoices on the date of the Supply or in last two weeks of the month of Supply, unless otherwise agreed with the Company’. With this clarification, the standard payment term for UK based Rio Tinto companies paying UK based suppliers is 45 days Nett.
Dispute resolution process
Any disputes relating to payment are initially directed to the Accounts Payable Service desk for resolution. Typical response time of the Accounts Payable Service Desk is within 48 hours. Where the dispute cannot be resolved by the Accounts Payable Service Desk, the concern can be escalated through to the Sourcing Category Owner for assistance in resolution. The Accounts Payable Service Desk & invoice submission contact details are found on the Purchase Order distributed to the supplier.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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.
Yes
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.
No
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No