BETA This is a new service – your feedback will help us to improve it.

WARWICK INTERNATIONAL GROUP LIMITED

Company number: 02982784

Reporting period:
1 July 2019 to 31 December 2019

---

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

This report was filed on 28 January 2020

and approved by Marc Verthongen

Payment statistics

Average time taken to pay invoices: 27 days

Invoices paid:

• within 30 days: 79%
• in 31 to 60 days: 17%
• in 61 days or more: 4%

Invoices due but not paid within agreed terms: 16 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

The Warwick standard terms are in line with the Lubrizol group and are 30 days after end of month invoiced, but in our accounting system we set by default the terms at a maximum of 30 days for suppliers so that they are in fact paid sooner that the stated terms.
Exceptions are:
1. For some large suppliers we have agreed different terms, typically 60 days, based on individual contract negotiations – these usually cover a contract period of 3 years. An example of this would be with a vendor for the supply of a critical raw material for 2018-2020. The maximum payment period is 90 days.
2. For suppliers of temporary labour, we often agree less than 30-day terms to facilitate weekly payments.
3. Payment terms are recorded on each Purchase Order. Any changes to terms are agreed with suppliers, and recorded on each PO.

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

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

N/A

Dispute resolution process

If any supplier has a “payment terms” issue they, in the first instance should approach the buyer named on the purchase order, then the Supply Chain Manager then Head of Finance.
If the above process is unable to resolve the dispute then the two businesses will cease to trade with each other on credit terms and move to a pre-payment system as required.

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