Company number: 01517478
and approved by Will Ten Broeke
Average time taken to pay invoices: 65 days
Invoices paid:
Invoices due but not paid within agreed terms: 85%
60 days
92 days
End of month + 60 days
Answer not provided
N/A
92 days
McLaren standard payment terms are End of month +60 days, this can therefore range between 60 and 92 days depending on the date of the invoice. These standard terms are occasionally changed to facilitate contract re-negotiations, with alternative terms agreed on an individual basis.
Typically suppliers are paid on the first available payment run following their due date. Payment runs occur weekly, 57% of invoices were paid within a week of their due date. This does not reflect where extended payment terms have been agreed with suppliers as a result of implications of Covid-19.
Suppliers can contact the Accounts Payable (AP) department via email or phone in regards to unpaid invoices. Suppliers are informed if goods are rejected and a credit note is required, the invoice will be put on hold until the credit note is supplied. The AP or Purchasing department will contact the Supplier on any disputed invoices.
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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No