INTERNATIONAL AUTOMOTIVE COMPONENTS GROUP LIMITED
Company number: 05611434
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
9 December 2019
Approved by:
David Prystash
Payment statistics
Average time taken to pay invoices: 51 days
Invoices paid:
- within 30 days: 17%
- in 31 to 60 days: 52%
- in 61 days or more: 31%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 15%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
119 days
Standard payment terms
45 days end of month
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
119 days
Tools and equipment in stage payments up to 24 month (like 30%, 30%,30% 10%)
Production parts paid after 75d or / 60d EOM, at latest.
Any other information about payment terms
IAC terms and conditions state 45 EOM
Dispute resolution process
As a business we require a PO issued by us to pay for goods or services. If an IAC PO is not provided on each invoice then the supplier needs to go back to IAC buyer so one can be provided. If the Invoice does not match the PO price then the supplier needs to go back to IAC buyer for an amended PO.
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