FIRST GRADE INTERNATIONAL LIMITED
Company number: 04603605
Reporting period:
1 July 2020 to
31 December 2020
This report was filed on 18 January 2021
and approved by Timothy Withers
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 32%
- in 31 to 60 days: 65%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 81%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The company aim to pay in line with the terms agreed with suppliers. Where no agreement exists, the company aims to pay suppliers 30 days after the invoice date. Prompt payment is subject to receiving an accurate invoice which quotes the correct purchase order number.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
All invoices are checked against our purchase order number or with the person responsible for the order . When a discrepency arises, which can be caused by incorrect pricing/quantities or the quality of goods or services, the invoice will be placed on hold. Invoices that are in dispute will not be paid until the issue has been resolved. The supplier is notified that the invoice is in dispute. Once the dispute has been resolved, payment will be made in accordance with the payment terms, unless the invoice is overdue whereupon it will be paid on the next available payment run.
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, this business has not signed up to a code of conduct or standards on payment practices.
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