ADM AGRICULTURE LIMITED
Company number: 00904957
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
26 July 2019
Approved by:
Paul Briggs
Payment statistics
Average time taken to pay invoices: 15 days
Invoices paid:
- within 30 days: 98%
- in 31 to 60 days: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 34%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
Feedstuffs: Commodity invoices are paid on presentation of documents of title. Other invoices are paid by mutual agreement with supplier. Grains: Farmers are paid 28 days from supply. Merchants/In Trade are paid 28 days from supply or 14 days from invoice if later. Fertilizer suppliers are paid end of month following month of delivery.
Were there any changes to the standard payment terms in the reporting period?
Acquisition of a grain/fertilizer trading business and the inherently different standard trading terms within those markets.
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Step 1: Supplier disputes/complaints should be resolved by Accounts Payable staff within one week of first notification; Step 2: If Accounts Payable staff are not able to resolve a dispute the matter is passed to the commercial manager responsible for that supplier. The resolution should not exceed a further two weeks; Step 3: If steps 1 and 2 are not successful in resolving a dispute the matter is referred to the Finance Director with a deadline resolution of 1 month from first notification. Step 4: If steps 1 - 3 are not successful in resolving the dispute: (a) Commodity purchase disputes may be referred to arbitration in accordance with specific contractual terms; (b) Any other matters would be resolved by due legal process.
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