GOV.UK
J.P. MORGAN EUROPE LIMITED
Company number: 00938937
Reporting period:
1 January 2020
to 30 June 2020
This report was filed on 20 July 2020
and approved by Matthew Melling
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 76%
- in 31 to 60 days: 17%
- in 61 days or more: 7%
Invoices due but not paid within agreed terms: 10 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
Each JPMorgan Chase group company’s (JPMC) standard payment terms are “2% 10; net 30”, unless different terms are negotiated under contract or mandated by law in a particular country, meaning JPMC pays undisputed amounts within 30 days from receipt of an accurate invoice and may take a two percent discount off any amounts due under an accurate invoices as long as it pays within 10 business days from receipt.
JPMC’s standard form contract typically used for higher risk engagements has standard payment terms of 2% 10; net 30 (as above).
JPMC’s standard form contracts typically used for lower/minimal risk engagements have standard payment terms of 45 days after receipt of a correct invoice.
JPMC’s standard purchase order terms and conditions typically used for minimal risk engagements have standard payment terms of 2% 10; net 60.
JPMC’s standard terms and conditions used for engaging law firms has payment terms stating that JPMC will use its best endeavours to process, review, audit and pay invoices as soon as possible.
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
The entry for “Enter your shortest (or only) standard payment period in days” has been given as zero because one of JPMC’s standard form contracts states that JPMC will use its best endeavours to process, review, audit and pay invoices as soon as possible.
Dispute resolution process
A qualifying contract may set out a dispute resolution process. The sophistication of this process depends on the risk rating and therefore complexity of the contract, with contracts used for higher risk engagements containing a multi-tiered (or escalation) dispute resolution clause.
Practically, and even in the absence of an escalation/dispute resolution clause in a qualifying contract, an internal escalation process is followed which is materially consistent, as regards JPMC, with a multi-tiered contractual clause.
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.
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