VECTOR AEROSPACE INTERNATIONAL LIMITED
Company number: 06404274
Reporting period:
1 July 2019 to 31 December 2019
Report filed on:
29 January 2020
Approved by:
Gary Carruthers
Payment statistics
Average time taken to pay invoices: 47 days
Invoices paid:
- within 30 days: 29%
- in 31 to 60 days: 53%
- in 61 days or more: 18%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 66%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
Standard payment terms for suppliers is 60 days terms, however many suppliers in the system are set at much lower than 60 days terms. Suppliers currently on shorter than standard terms are granted “Grandfather rights” allowing them to continue on their current terms. As new suppliers are added, or new agreements are created with current suppliers, accounts will be set to 60 days terms during contract negotiation.
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
All invoices are processed by the Accounts Payable team. Any invoice under query or subject to dispute will not be paid until satisfactory resolution is found. Any invoice under query or subject to dispute is handled by the Procurement department (with support from Accounts Payable) in accordance with our standard operating procedures as defined in the business manual.
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.
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