GOV.UK
ENGINE ACQUISITION LIMITED
Company number: 09080182
Reporting period:
1 July 2018
to 31 December 2018
This report was filed on 5 April 2019
and approved by William Thompson
Payment statistics
Average time taken to pay invoices: 52 days
Invoices paid:
- within 30 days: 20%
- in 31 to 60 days: 44%
- in 61 days or more: 36%
Invoices due but not paid within agreed terms: 79 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
90 days
Standard payment terms
The terms and conditions (“the Conditions”) set out below will be incorporated into all contracts between the Supplier and the Buyer for the supply
of the goods, materials or services identified in the purchase order or other document to which they are attached (“the PO”). If these Conditions are
waived or altered in respect of any contract, this must be done in writing, signed on behalf of the Buyer and they will be waived or altered in respect
of that contract only and only to the extent necessary to give effect to that waiver or alteration .
PRICE AND PAYMENT
9. The prices or fees stated in the PO are firm and include delivery costs, packaging, insurance and VAT except as otherwise stated. The Supplier
may only revise the prices or fees with the prior written consent of the Buyer and the Buyer reserves the right to cancel the Contract in the event of
an unauthorised increase in price.
10. The Buyer shall only pay for reasonable expenses and costs incurred by the Supplier for Goods, Materials or Services supplied to the Buyer
under this Contract provided the Supplier has obtained the Buyer’s prior approval in writing before being incurred and provided the Supplier
produces all valid receipts when requesting payment.
11. The Supplier shall invoice the Buyer at the invoicing address set out on the PO and the Buyer’s terms of payment shall be 60 days following
receipt of a valid invoice quoting the correct PO number for Goods and/or Materials delivered and/or Services performed to the Buyer’s
reasonable satisfaction. The Buyer may set off against any sums due to the Supplier whether under this Contract or otherwise any lawful set-off,
counterclaim to which the Buyer may at any time be entitled.
12. The Supplier shall maintain relevant records and other information relating to the Goods, Materials or Services delivered or otherwise performed
under this Contract and the Supplier will allow the Buyer or its clients or their auditors access to all such records and information during the period
of the Contract and for 12 months afterwards in order to carry out an audit of such records and information and/or to audit the performance of the
Services to ensure contract compliance. Should any audit or inspection reveal that the Buyer has been overcharged the Supplier shall reimburse
to the Buyer the amount of the overcharge promptly and within 7 working days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
Disputes normally arise where an invoice cannot be matched to a Purchase Order. In this instance, the accounts payable (AP) department request further information from the purchaser to resolve the issue with the supplier and request an updated invoice to match the value of the purchase orders on record or to send the purchase order (which is missing from the records of the AP department) to the accounts payable department.
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.
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