VOLVO GROUP UK LIMITED
Company number: 02190944
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
19 July 2019
Approved by:
Ian Valentine
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 70%
- in 31 to 60 days: 20%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 6%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
Supplier invoice are paid 30 days following the month that the invoice was received.
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
90 days
We have different payment terms based on the type of product being purchased. Our maximum payment terms are 90 days from invoice date.
Any other information about payment terms
The type of business we are in will lead to us having to pay some suppliers immediately as well as 90 days depending on the service that is being procured.
Dispute resolution process
We register supplier invoices that are in dispute and we then chase the purchase owner in our business for resolution.
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