BRUSH ELECTRICAL MACHINES LIMITED
Company number: 00111849
Reporting period:
1 January 2019
to 30 June 2019
This report was filed on 30 July 2019
and approved by Howard Lomax
Payment statistics
Average time taken to pay invoices: 49 days
Invoices paid:
- within 30 days: 40%
- in 31 to 60 days: 29%
- in 61 days or more: 31%
Invoices due but not paid within agreed terms: 80 %
Payment terms
Standard payment period for qualifying contracts
60 days
Standard payment terms
Payment terms are 60 or 90 days from the end of the month the invoice was issued.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
The majority of payments are made only a day or two after their due date. Steps are being taken to make payments no later than their due date.
Dispute resolution process
1. The supplier is referred back to the purchasing department/individual buyer, via email or telephone.
2. If not resolved, a face to face meeting with purchasing will be organised to discuss the issue.
3. Where necessary, disputes will be escalated to senior management.
4. As a last resort, disputes are passed to the legal department for arbitration or legal proceedings.
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.
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.
Yes
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