GOV.UK
BAE SYSTEMS MARINE LIMITED
Company number: 00229770
Reporting period:
1 January 2019
to 30 June 2019
This report was filed on 29 July 2019
and approved by Jamie Collard
Payment statistics
Average time taken to pay invoices: 30 days
Invoices paid:
- within 30 days: 72%
- in 31 to 60 days: 18%
- in 61 days or more: 10%
Invoices due but not paid within agreed terms: 33 %
Payment terms
Shortest standard payment period
5 days
Longest standard payment period
30 days
Standard payment terms
Astute
Payments will be made by the Prime Contractor within 30 days from receipt of a valid invoice.
Dreadnought
BAE Systems shall pay, on account of the Contract Price, an Authorised Invoice within thirty (30) calendar days of receipt of such valid Authorised Invoice together with all supporting documentation as required by this Contract. Payments to the Sub-Contractor shall be made by BAE Systems Bankers Automated Clearing System (BACS) or equivalent Electronic Funds Transfer (EFT) or any established standing order.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
The supplier's invoice date (and not the date of receipt of the supplier's invoice) is the only currently reliable measurement for calculation of the reported statistics.
It is not precisely known when payments actually credit into a supplier’s bank account (we do not have systems that accurately record this event). Therefore for the production of the disclosed statistics, we have made a reasoned estimation of when payments have cleared into a supplier's bank account.
Where an invoice has been settled through the matching of a credit note, this invoice is not included in the payment statistics. If there is a partial match of a credit note against an invoice, the payment of the remainder of the invoice is included in the payment statistics.
Dispute resolution process
Typically, our standard contracts contain a dispute resolution procedure agreed with the supplier based upon escalation as follows:
Representatives of each party seek to resolve the dispute within 5 working days of service of a Dispute Notice; if not resolved within 5 working days the parties' will refer the matter to BAE's Supply Chain Director and the supplier's equivalent Director, and if still not resolved within 10 working days of such referral, the parties' will refer the matter to the Managing Directors of each party. The escalation periods may vary between contracts. Any disputes that cannot be resolved following the dispute resolution procedure are subject to arbitration.
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.Yes – BAE Systems Marine Limited is a signatory to the UK 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