GOV.UK
CHEVRON PRODUCTS UK LIMITED
Company number: 03600726
Reporting period:
1 January 2019
to 30 June 2019
This report was filed on 29 July 2019
and approved by Nahid Ali
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 76%
- in 31 to 60 days: 13%
- in 61 days or more: 11%
Invoices due but not paid within agreed terms: 14 %
Payment terms
Shortest standard payment period
1 days
Longest standard payment period
60 days
Standard payment terms
Suppliers are paid within 60 days from receipt of a correctly prepared and adequately supported invoice, unless the transaction relates to an industry standard contract.
Intercompany invoices meeting the minimum payable balance per company policy are settled on the 25th of the following month. Intercompany invoices not meeting the minimum payable balance per company policy are paid twice a year in March and September.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Each contract will be negotiated on its own merits, but 60 days is the standard. Intercompany invoices meeting the minimum payable balance per company policy are settled on the 25th of the following month. Intercompany invoices not meeting the minimum payable balance per company policy are paid twice a year in March and September.
Any other information about payment terms
N/A
Dispute resolution process
The company has an online portal https://cips.chevron.com for suppliers to submit invoice queries and obtain payment remittance advices. The Supplier Relations team will verify reasons for non-payment and escalate to the Accounts Payable team if not able to resolve the query through this means.
Alternatively, for contracts not operated via the portal, disputes are investigated by the Accounts Payable team who communicate with the vendors via email or phone until resolution is reached.
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