Company number: 00414948
and approved by Adam Collins
Average time taken to pay invoices: 38 days
Invoices paid:
Invoices due but not paid within agreed terms: 18%
28 days
60 days
Our standard conditions of purchase, provide for payment at the end of the month following the month in which an invoice is received, subject to (i) a valid invoice being properly provided by the supplier and (ii) the relevant Supplies being delivered and accepted by us, in accordance with the contract. The full text of the standard payment term can be located in Clause 15 of the 2018 Standard Conditions of Purchase at: https://www.baesystems.com/en-uk/what-we-do/suppliers/united-kingdom.
Answer not provided
N/A
60 days
No further comment provided
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. If the payment statistics were measured from an estimated date of receipt of a valid suppliers invoice (where available from our systems) then the reported performance for H1 2019 would be as follows: Average to pay = 38 days Percentage paid in 0 to 30 days incl. = 80% Percentage paid 31 to 60 days incl. = 18% Percentage paid in >60 days = 2% Percentage NOT paid within agreed terms = 18%
As per our standard conditions of purchase, if a payment dispute arises, then the parties are required to follow a disputed invoicing process and use reasonable endeavours to resolve the dispute amicably. Any disputes that cannot be resolved are subject to arbitration. Our full dispute resolution process can be found in Clauses 15 and 36 of the 2018 Standard Conditions of Purchase at: https://www.baesystems.com/en-uk/what-we-do/suppliers/united-kingdom.
For example, signatories to The Prompt 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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No