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PETROLEUM EXPERTS LIMITED

Company number: SC126553

Reporting period:
1 April 2019 to 30 September 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 29 October 2019

and approved by Lynn Marshall

Payment statistics

Average time taken to pay invoices: 18 days

Invoices paid:

• within 30 days: 90%
• in 31 to 60 days: 9%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 10 %

Payment terms

Standard payment period for qualifying contracts

1 days

Standard payment terms

Net payment by bank transfer due by XX/XX/XXX(XX Days)
Please do not make any deductions to the total amount. If tax applies and it has not been added,
please contact XXX directly before proceeding with the payment.

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

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

N/A

Dispute resolution process

The laws of Scotland shall govern this Agreement. All disputes in connection with this Agreement
shall be finally settled under the Rules of Conciliation and Arbitration of the International Chamber of
Commerce by one or more arbitrators appointed in accordance with the Rules. The place of
arbitration shall be Edinburgh, Scotland.

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.

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.

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