RAYTHEON SYSTEMS LIMITED
Company number: 00406809
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
28 January 2019
Approved by:
Richard K. Smith
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 51%
- in 31 to 60 days: 42%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 20%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
https://www.raytheon.com/sites/default/files/uk/rtnwcn/groups/rsl/documents/content/rsl_ourcompany_supplier_t_c.pdf
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
If a dispute cannot be resolved by the parties within 90 days then (1) where the seller is a UK entity the dispute shall be submitted to the English Courts unless the Buyer notifies the Seller it opts for arbitration or (2) where the Seller is not a UK entity, or where the Buyer has opted for arbitration, dispute shall be heard in London by binding arbitration in the English language under the LCIA rules.
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.
Yes, this business has signed up to: Prompt Payment Code
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.
No
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.
Yes
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