LOCKHEED MARTIN UK LIMITED
Company number: 02372738
Reporting period:
1 January 2018 to
30 June 2018
This report was filed on 24 July 2018
and approved by Jonathan Murray Diamond
Payment statistics
Average time taken to pay invoices: 27 days
Invoices paid:
- within 30 days: 77%
- in 31 to 60 days: 22%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 23%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
When approving payments, the following process applies, although site specific requirement can vary the exact process: Automated Invoice received and matched to PO Automated work flow will present to invoice approver System will continue to prompt approver until approved or rejected. In the event of a discrepancy invoice is presented to the buyer to resolve. Manual Where the buyer is involved in invoice approval, verify the accuracy of the associated invoice; End user or originator approval is required to verify that the requirement has been satisfactorily completed prior to processing non-receivable invoices for payment; Where appropriate, document the receipt of non-receivables.
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
60 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Dispute Resolution In the event that the invoice is incorrect the buyer shall contact the supplier to discuss and agree a correction. The invoice is then rejected and returned as unpaid to the supplier. A new invoice and or credit note will then need to be issued by the supplier. If a suitable resolution cannot be agreed between the buyer and supplier, then either party can resort to the dispute resolution language in the agreed contract terms and conditions.
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, this business has signed up to: 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.
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