Company number: 04883589
and approved by Andrew Skelton
Average time taken to pay invoices: 45 days
Invoices paid:
Invoices due but not paid within agreed terms: 27%
0 days
60 days
We have excluded from the ‘Invoices due but not paid within agreed terms’ calculation, invoices that were received already past their due date. This amounts to c.3% of total invoices. Drax Power standard contract payment terms are 60 days; however, terms are agreed with suppliers as part of contract negotiations. Drax Power pays a number of suppliers via a credit card programme, this reduces the average time taken to pay down to 45 days. The payment terms for suppliers paid via the credit card programme are 0 days. Additionally, a small number of suppliers are set up in the ERP with 0 days payment terms, these are for infrequent urgent payments, payment on proforma invoice or for intercompany transfers, however these only account for a very small proportion of invoices.
Answer not provided
N/A
60 days
Payment terms are agreed with suppliers as part of contract negotiations. If payment terms are 60 days after month of invoice Drax Power offers Supply Chain Finance.
Drax Power offers reduced payment terms by credit card where accepted. Payment terms are agreed during contract negotiations.
Disputes should be sent to the following email address; accountspayable@drax.com This email is monitored daily by Accounts Payable. On receipt of any invoice queries, Account Payable check whether: - •The invoice is for Drax Power •We have authorised supplier details and bank account for payment •A Purchase Order (PO) number is quoted and matches an approved order number •The invoice details match the approved PO for quantity, price, and description of supply •The PO has been receipted •The invoice has not already been paid •We have received a copy of the invoice Once the above has been checked a number of courses of action can be taken with both the supplier and internal site via our Procurement P2P system. It is our intention to action and have invoices ready for BACS payment within 10 working days of the query request providing it is a valid query. As these invoices are likely to be overdue, they are normally picked up on the next scheduled BACS run. In exceptional circumstance a CHAPS payment for emergency payments can be made. All contracts have a clause which enables the supplier to claim the Bank of England interest rate on late payments.
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
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.
Yes
No
No