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SURREY SATELLITE TECHNOLOGY LIMITED

Company number: 01916260

Reporting period:
1 January 2020 to 30 June 2020

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This information is as reported by the business, and responses are in their own words.

This report was filed on 30 July 2020

and approved by Lee Wilson

Payment statistics

Average time taken to pay invoices: 45 days

Invoices paid:

• within 30 days: 14%
• in 31 to 60 days: 75%
• in 61 days or more: 11%

Invoices due but not paid within agreed terms: 24 %

Payment terms

Standard payment period for qualifying contracts

14 days

Standard payment terms

Standard payment terms are 30 days from receipt of invoice.

Payments are made twice a month (10th and 25th or nearest working day). Invoices are paid in the payment run following 30 days from receipt of invoice. For example, an invoice received on the 15th will be paid on the 25th of the following month, a payment period of 40 days, which will be reflected in the payment statistics.

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

N/A

Dispute resolution process

If any disagreement arises out of the invoices and their payment, the matter shall be dealt with as follows: the Supplier shall send an email to finance@sstl.co.uk with evidence that it met the invoicing requirements and with an explanation of its claim regarding any unpaid invoice. The Accounts Payable Department should respond within 5 working days.

If this dispute is not resolved, the Supplier should write to the Head of Finance at the Head Office address who shall respond to the Supplier within 10 working days of receipt of the Supplier's letter and the parties use their reasonable endeavours to resolve the matter promptly.

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