GOV.UK
DOW CHEMICAL COMPANY LIMITED
Company number: 00537161
Reporting period:
1 January 2020
to 30 June 2020
This report was filed on 3 August 2020
and approved by John Case
Payment statistics
Average time taken to pay invoices: 49 days
Invoices paid:
- within 30 days: 16%
- in 31 to 60 days: 51%
- in 61 days or more: 33%
Invoices due but not paid within agreed terms: 14 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
NET 30 33.22%
NET 60 32.71%
NET 45 15.90%
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
A supplier invoice can be received either in paper or PDF format.
The paper invoice will be barcoded and scanned, the PDF invoice will be uploaded into the ERP system.
Invoices with a purchase order.
A first pass attempt to post the invoice in the financial book of records will be executed, whereby the invoice amounts and quantities will be matched versus the purchase order.
In case of discrepancies, an internal follow up will be performed with the purchase requisitioner or goods receiver for the quantity part and/or with the buyer for unit price deviations.
If the discrepancy cannot be solved and are rejected by the internal partners, the invoice will be rejected and sent back to supplier with the request to issue a corrective invoice or (partial) credit note.
If the discrepancy has been reviewed and proper follow up is provided to solve it, the invoice will be posted. This financial posting may be subject to an additional internal audit which will block the entry.
Once the audit is performed, the block will be released and the invoice is ready for payment.
Invoice without a purchase order.
The invoice should at least indicate a reference or a contact person which should enable the request to review the invoice on correctness.
If no reference is available, the invoice will rejected and sent back to the supplier with request to provide proper reference or contact details.
If a reference or contact is available, an internal follow up will be performed to have the invoice reviewed on correctness and to acquire authorization for payment.
Based on the authorization, the invoice will be posted.
If no authorization can be obtained, the invoice will be rejected and sent back to supplier with the request to issue a corrective invoice or (partial) credit note.
This financial posting may be subject to an additional internal audit which will block the entry.
Once the audit is performed, the block will be released and the invoice is ready for payment.
The payment due date of the invoice is calculated based on the agreed upon payment terms. Once the due date is reached, the invoice will be selected for payment.
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.
Yes
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