TECHNIP UK LIMITED
Company number: 00200086
Reporting period:
1 January 2020 to
30 June 2020
This report was filed on 20 July 2020
and approved by William E. Morrice
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 64%
- in 31 to 60 days: 26%
- in 61 days or more: 10%
Invoices due but not paid within agreed terms: 40%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
Unless otherwise specified in the purchase order or agreed by contract all payments shall be made electronically within 30 days of receipt of a supplier's correctly prepared and properly substantiated invoice.
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
The company offers an e-invoicing self-service option for suppliers to use Oracle iSupplier to facilitate invoice submission and tracking which can assist in ensuring payment being made to agreed terms.
Dispute resolution process
Invoices and payments are managed by the Accounts Payable team. Any received without a valid purchase order reference will be returned to the supplier. Invoice payment enquires are mostly managed through an Account Payable Helpdesk email system or may be initiated by telephone. Any enquiries regarding payment that cannot be answered directly will be referred to the relevant buyer or requestor in the company to answer or take follow up action to resolve. Standard subcontract terms and conditions on disputes Terms of payment “If TECHNIP disputes any invoice in whole or in part, it shall advise SUPPLIER of the amount(s) in dispute and shall instruct SUPPLIER to issue a credit note for the said amount(s). TECHNIP shall pay the undisputed portion of the invoice within thirty (30) days of receipt of the respective credit note.” Resolution of disputes “Any dispute between TECHNIP and the SUPPLIER in connection with or arising out of this CONTRACT or the SERVICES shall be resolved by means of the following procedures: a. the dispute shall initially be referred to TECHNIP’s representative and SUPPLIER’S representative who shall discuss the matter in dispute and make all reasonable efforts to reach an agreement. b. If no agreement is reached under (a) above the dispute shall be referred to the two persons who executed the Form of Agreement. Such persons are nominated one by TECHNIP and one by the SUPPLIER. Such persons may be replaced by the party which nominated them by notice to the other party; c. If no agreement is reached under (b) above the dispute shall be referred to the Managing Directors of TECHNIP and the SUPPLIER. In the absence of any agreement being reached on a particular dispute either party may take appropriate action in the Courts to resolve the dispute at any time. Whilst any matter or matters are in dispute, the SUPPLIER shall proceed with the execution and completion of the SERVICES and both the SUPPLIER and TECHNIP shall comply with all the provisions of this CONTRACT.”
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.
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