GOV.UK
QINETIQ LIMITED
Company number: 03796233
Reporting period:
1 October 2019
to 31 March 2020
This report was filed on 30 April 2020
and approved by Malcolm Coffin
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 60%
- in 31 to 60 days: 31%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 23 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
QinetiQ Limited’s standard payment terms for sub-contractors and suppliers for indirect requirements is sixty (60) calendar days from invoice date of a properly submitted sub-contractor invoice following delivery and acceptance by QinetiQ Limited of the requirements. QinetiQ Limited pay sub-contractors and suppliers for direct requirements in line with customer payment obligations (such as Defcon 534 and the OGC equivalent) and standard defence industry practice. In many cases this will result in sub-contractors being paid thirty (30) calendar days from invoice date of a properly submitted sub-contractor invoice. There are negotiated variants to the above.
A properly submitted invoice is one that:
- Is delivered on time and in accordance with the contract
- Is for the correct sum
- Includes the date, supplier name, contact details and bank details
- Quotes a valid QinetiQ Limited Purchase Order number in line with our No PO, No Pay policy
- Is submitted to QinetiQ Limited in accordance with the specific instructions detailed on our purchase order; the options being either submitted via the Ariba network or emailed to supplierinvoices@QinetiQ.com
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
QinetiQ Limited generates three GBP and one foreign currency payment run per week. Invoices that fall due on weekends and days when payment runs are not scheduled will be pulled forward (e.g. invoices due on Sunday will be paid on Friday)
QinetiQ Limited is able to generate the report based on the date at which the invoice is received into our Vendor Invoice Management System (VIM).
Statistics are based on when invoices are paid by QinetiQ Limited. We are unable to record when the payment has credited the suppliers accounts, this may vary dependent on the payment file type (usually a BACS payment).
Direct Debit payments will be taken by the supplier based on an agreed mandate and schedule.
Invoices that are offset in full by credit notes are not included within these statistics.
Dispute resolution process
QinetiQ Limited ensures there is a system for dealing with complaints and disputes which is communicated to suppliers, advising them promptly if there is any reason why an invoice will not be paid to the agreed terms. These disputes will be reviewed by QinetiQ Limited’s finance department who will support the supplier in the next steps in the query resolution. Further information for suppliers can be found here: https://www.qinetiq.com/about-us/suppliers
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.Yes – Prompt Payment Code
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