GOV.UK
JB DRAX HONORE (UK) LIMITED
Company number: 08137487
Reporting period:
1 July 2019
to 31 December 2019
This report was filed on 31 July 2020
and approved by BRADLEY BURKE
Payment statistics
Average time taken to pay invoices: 20 days
Invoices paid:
- within 30 days: 88%
- in 31 to 60 days: 10%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 12 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
JB Drax Honore (Drax), deals on third party suppliers terms rather than its own and therefore does not have standard payment terms in place, nor does it require that particular sets of payment terms are included on the third party supplier contracts depending on the supplier’s size. Drax does however generally engage with third party suppliers on the following payment terms: 1) a payment period of 30 days of receipt of the invoice 2) payment of interest at the rate specified by the supplier in the relevant supplier agreement and 3) submission to the settlement discussions/ the English courts (as provided for under the relevant supplier agreement) to determine any disputes if such cannot be resolved between Drax and the relevant suppliers.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
The maximum payment period that Drax has disclosed is the same as the standard period based on the information in our purchase day book and confirmation from the accounts payable function i.e. 30 days.
Any other information about payment terms
N/A
Dispute resolution process
Drax deals on third party supplier’s terms rather than its own. Invoices must be made out to the correct company, entity and address. Invoices are sent via email to the Accounts Payable email address, these are then logged and sent on to management for approval.
Any invoice queries are then raised and directed to the relevant manager and approver of the invoice. If required these are then escalated to our COO and Directors of the company.
Disputes are resolved as per the process set out in the relevant supplier agreement.
Any dispute would be governed by the law/jurisdiction clause in the relevant supplier agreement which is generally the English law/English courts.
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