NEPTUNE E&P UK LIMITED
Company number: 01483021
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
30 July 2019
Approved by:
Pete Jones
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 57%
- in 31 to 60 days: 37%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 45%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
30 days net from receipt of invoice
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Neptune agrees to the dispute resolutaion on a Contract basis however the standard practice is in the event of a Dispute, difference, controversery or claim between the Parties in relation to the Work or Contract, One party shall issue a Notice of the Dispute, the Dispute will initially by referred to Company/Contractor Representatives to discuss the Dispute and make all reasonable efforts to reach an agreement on the settlement, if no agreement after 7 days the Party may escalate to a person of appropriate seniorty by providing notice. Then again there is 7 days for the senior representatives to meet and aim of reaching an agreementy on the settlement. Should the step fail, the Dispute shall be referred and finally resolved by arbitration under the LCIA Rules
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.
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