MAREX FINANCIAL LIMITED
Company number: 05613061
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
19 July 2018
Approved by:
Robin Watts
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 93%
- in 31 to 60 days: 5%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 6%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Marex Financial Limited ('MFL') deals on third party suppliers’ terms rather than its own. Invoices must be made out to the correct company name and address and sent via email to the Accounts Payables department; any invoice queries are then directed to the relevant person within the business. Disputes are resolved per the process set out in the relevant supplier agreement involving MFL’s Accounts Payables and Legal departments and the relevant supplier. Any dispute would be governed by the governing law/jurisdiction clause in the relevant supplier agreement which is generally English law/English courts.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
The maximum payment period MFL has agreed to is the same as the standard period based on the information in the Ledger and confirmation from Legal / Accounts Payable, i.e. 30 days.
Any other information about payment terms
N/A
Dispute resolution process
MFL deals on third party suppliers’ terms rather than its own. Invoices must be made out to the correct company name and address and sent via email to the Accounts Payables department; any invoice queries are then directed to the relevant person within the business. Disputes are resolved per the process set out in the relevant supplier agreement involving MFL’s Accounts Payables and Legal departments and the relevant supplier. Any dispute would be governed by the governing law/jurisdiction clause in the relevant supplier agreement which is generally English law/English courts.
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, 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.
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