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RED BEE MEDIA LIMITED

Company number: 04257461

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 17 July 2019

and approved by Liam O'Brien

Payment statistics

Average time taken to pay invoices: 58 days

Invoices paid:

• within 30 days: 26%
• in 31 to 60 days: 35%
• in 61 days or more: 39%

Invoices due but not paid within agreed terms: 21 %

Payment terms

Shortest standard payment period

60 days

Longest standard payment period

90 days

Standard payment terms

Invoicing and payment shall be made in accordance with Ericsson’s instructions. A valid invoice shall at a minimum contain a reference to the PO, Seller’s name and address, and specification of the Products purchased. With deviation from what otherwise may be provided for under applicable law, it is expressly agreed that payment shall be effected within sixty (60) days from date of complete and successful delivery of the Products, including any documents, and receipt of a correct invoice. Further guidelines and requirements for invoices, including support for e-invoicing and supplier self-service can be found at http://www.ericsson.com/thecompany/sourcing/supplier-partner-resources/invoicing-payments. In case of delayed payment of approved invoices, the seller shall notify Ericsson thereof and Ericsson shall thereafter expedite the payment.

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

Yes – standard contractual length of time for payment changed from 30 to 60 days

Were suppliers notified or consulted about these changes before they were made?

Yes – through contractual negotiations

Maximum contractual payment period agreed

90 days

Any other information about payment terms

N/A

Dispute resolution process

Internal review, extended to supplier review if disputed, escalated to governance meeting with Head of Sourcing if required.

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