VIVERGO FUELS LIMITED
Company number: 05998024
Reporting period:
17 September 2017 to 16 March 2018
Report filed on:
18 April 2018
Approved by:
Nick Clarke
Payment statistics
Average time taken to pay invoices: 27 days
Invoices paid:
- within 30 days: 56%
- in 31 to 60 days: 43%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 5%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Standard payment terms are 60 days upon agreement with the supplier. Other payment terms are agreed if needed, typically 30 days or end of month following invoice
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
All invoice queries are chased regularly by the Accounts Payable ("AP") team with the person who raised the order for a resolution within its due date. If no response is received this is escalated to their manager. The AP team will also request any necessary back up documentation from the supplier to help resolve the query.
If a supplier is querying the payment terms they are on, this is sent to the Procurement department to review against the contracts.
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.
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.
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