BP CHEMICALS LIMITED
Company number: 00194971
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
29 July 2019
Approved by:
Stavros Photoiu
Payment statistics
Average time taken to pay invoices: 46 days
Invoices paid:
- within 30 days: 23%
- in 31 to 60 days: 65%
- in 61 days or more: 12%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 14%
Payment terms
Shortest standard payment periods
45 days
Longest standard payment period
60 days
Standard payment terms
Standard contractual terms for the payment to suppliers is 45 days.
Were there any changes to the standard payment terms in the reporting period?
The Company changed the payment terms of certain of its supply contracts to 60 days.
Were suppliers notified or consulted about these changes before they were made?
Suppliers affected by these changes were notified in advance of the changes.
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
Payment statistics disclosed in this report can be affected by a number of different factors including payments made to other BP group companies which are included within the data disclosed. Invoices are often reported as due but not paid within agreed terms because contract payments due on weekends or bank holidays are typically paid on the following business day and the company typically initiates payments in batches, on a twice weekly basis; where this is the case payments will normally be received by the supplier within a few days of the due date.
Dispute resolution process
In the event that the parties are unable to resolve a dispute, the dispute will be resolved by the English courts.
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.
Yes, this business has signed up to: Prompt Payment Code
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