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ATLAS COPCO IAS UK LIMITED

Company number: 01873269

Reporting period:
1 January 2019 to 30 June 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 9 July 2019

and approved by Yanping Ma

Payment statistics

Average time taken to pay invoices: 36 days

Invoices paid:

• within 30 days: 48%
• in 31 to 60 days: 35%
• in 61 days or more: 17%

Invoices due but not paid within agreed terms: 16 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

Standard payments terms are 30 days from receipt of invoices

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

The Company uses its reasonable endeavours to pay invoices promptly in accordance with its contractual payments terms unless an invoice is disputed

Dispute resolution process

If any disagreement arises out of the invoices and their payment, the matter shall be disposed of as follows: the Supplier shall send an email to invoices.gci@atlascopco.com with evidence that it met the invoicing requirements and with an explanation of its claim regarding any unpaid invoice. Accounts Payable Department should respond within 3 working days.
If this dispute is not resolved, the Supplier should contact the Purchasing Manager who shall respond to the Supplier within 10 working days of receipt of the Supplier’s email and the parties will use their reasonable endeavours to resolve the matter promptly.

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