SOCOTEC UK LIMITED
Company number: 02880501
Reporting period:
1 July 2019
to 31 December 2019
This report was filed on 30 January 2020
and approved by Andrew Bolter
Payment statistics
Average time taken to pay invoices: 66 days
Invoices paid:
- within 30 days: 4%
- in 31 to 60 days: 48%
- in 61 days or more: 48%
Invoices due but not paid within agreed terms: 39 %
Payment terms
Standard payment period for qualifying contracts
75 days
Standard payment terms
SOCOTEC UK’s standard payment terms are 60 days EOM which are notified to suppliers by referring to the companies terms and conditions. The standard terms and conditions are referred to in each purchase order the company issues.
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
All disputes on invoices are referred back to the supplier by the business unit which placed the order. Once purchase invoices are agreed they are passed to the central finance team to process
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