GOV.UK
KONE PUBLIC LIMITED COMPANY
Company number: 01372978
Reporting period:
1 July 2018
to 31 December 2018
This report was filed on 30 January 2019
and approved by Peter Griffin
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 32%
- in 31 to 60 days: 48%
- in 61 days or more: 20%
Invoices due but not paid within agreed terms: 54 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
14-60
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
KONE has detailed its dispute resolution process in its conditions of purchase. It states:
‘20.1 - Either KONE or the Seller may request to the other that any dispute, difference or question arising between them with respect to any matter or thing arising out of a Purchase Order (a “Dispute”) be negotiated in good faith and using all reasonable efforts at a senior management meeting, wherein KONE and the Seller shall each have 2 representatives, to be held within 14 days of such request.
20.2 - Notwithstanding clause 20.1 above, if after 14 days following the senior management meeting a Dispute still exists that has not been possible to settle then such Dispute shall be referred to adjudication in accordance with the TeCSA Adjudication rules version 2.
20.3 - KONE and the Seller hereby agree to joinder of any adjudication of a Third Party Contract connected with or relevant to a Dispute.
20.4 This Purchase Order shall be governed by English Law and, the courts of England and Wales shall have exclusive jurisdiction over any dispute arising under or in connection with this Purchase Order save that any decision, judgment or award may be enforced in the courts of any jurisdiction.'
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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
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