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ABBOTT LABORATORIES LIMITED

Company number: 00329102

Reporting period:
1 January 2019 to 30 June 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 31 July 2019

and approved by Neil Harris

Payment statistics

Average time taken to pay invoices: 66 days

Invoices paid:

• within 30 days: 9%
• in 31 to 60 days: 47%
• in 61 days or more: 44%

Invoices due but not paid within agreed terms: 77 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

120 days

Standard payment terms

Standard contractual terms for goods and services are 90 days with the exception of one business division where it is 120 days.

Were there any changes to the standard payment terms in the reporting period?

Yes – One business division moved from standard contractual terms for goods and services of 90 days to 120 days. Implementation will take place over a number of months.

Were suppliers notified or consulted about these changes before they were made?

Yes – Notification was sent to the supplier.

Maximum contractual payment period agreed

120 days

Any other information about payment terms

N/A

Dispute resolution process

First point of contact for disputes is Abbott Accounts Payable Shared Service Centre in India. When an invoice is disputed the vendor’s contact within Abbott (requisitioner) is informed and given invoice number and reason of dispute. To resolve the dispute, the Abbott requisitioner must either work with vendor (for missing details) or amend details of PO in the ERP system. After resolution, vendor is informed.

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.

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