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OPTIMAS OE SOLUTIONS LTD

Company number: 09432123

Reporting period:
4 January 2020 to 3 July 2020


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

This report was filed on 3 September 2020

and approved by Hugh McGrath

Payment statistics

Average time taken to pay invoices: 38 days

Invoices paid:

Invoices due but not paid within agreed terms: 55 %

Payment terms

Standard payment period for qualifying contracts

90 days

Standard payment terms

90 days from receipt of goods

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

135 days

135 days from date of invoice

Any other information about payment terms

N/A

Dispute resolution process

Payment issue resolutions are managed by Accounts Payable Team, with escalation routes through senior management. Optimas values its supplier relationships and consequently no payment issues have required third party intervention.

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