BANK OF CHINA (UK) LIMITED
Company number: 06193060
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 25 July 2018
and approved by Mr Stewart Trussler
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 90%
- in 31 to 60 days: 8%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 46 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
BOC currently does not have standard payment terms, and generally accepts the payment terms of the suppliers in accordance with their standard terms and conditions. Payment terms vary from 3 to 60 days.
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
We are in the process of negotiating standardized payment terms with our suppliers. The standard payment terms being negotiated is 30 days from receipt of a valid undisputed invoice.
Dispute resolution process
BOC deals with, infrequent, invoice disputes on a case by case basis. Negotiations are conducted between authorised personnel from BOC and the supplier to reach a mutually agreed position. Formal dispute processes are detailed in individual contracts.
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.
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