BOC LIMITED
Company number: 00337663
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
26 January 2021
Approved by:
Mrs S Williams
Payment statistics
Average time taken to pay invoices: 28 days
Invoices paid:
- within 30 days: 58%
- in 31 to 60 days: 41%
- in 61 days or more: 1%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 22%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
61 days
Standard payment terms
Payment due end of month following invoice
Were there any changes to the standard payment terms in the reporting period?
- Two vendors changed from end of month following month of invoice to payable immediately due net - Six vendors changed from end of month following month of invoice to within 30 days due net - Two vendors changed from end of month following month of invoice to wtihin 45 days due net - Seven vendors changed from end of month following month of invoice to within 7 days due net - Nineteen vendors changed from end of month following month of invoice to pay on last day of the month - One vendor changed from end of month following month of invoice to no payment terms
Were suppliers notified or consulted about these changes before they were made?
Agreement was reached with the supplier verbally or by email.
Maximum contractual payment period agreed
61 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
There is a standard process which is undertaken on our behalf by a third party, IBM. The IBM Accounts Payable (AP) Helpdesk is a team formulated to provide assistance to the Vendor on queries relating to payment issues. The AP helpdesk team is responsible for investigating each payment query and then working with both the Processing team and BOC personnel to resolve the query. Communication is then sent to the vendor via call or email based on the mode of request and the issue is closed. If this process does not resolve the dispute the next escalation would be the terms stipulated within the contract, it is very dependent on the actual contract but the typical terms on BOC draft contracts are: Clause 9.9: If the Customer reasonably disputes all or a part of a Supplier Invoice, it shall notify the Supplier promptly. The Supplier shall respond to credit request within 5 working days and supply agreed credits within 3 working days of agreeing that such a credit will be issued. The Customer shall pay only the undisputed part of the invoice. The parties shall as soon as practicable commence good faith negotiations to resolve the disputed part of the Invoice in accordance with Clause 30. Clause 30.3: If the Commercial Director of the Supplier and Head of Procurement of the Customer fail to resolve the matter within one calendar month, then either Party may refer the dispute to an appropriate court or tribunal, or, if both Parties agree, may opt for mediation. The commencement of mediation shall not prevent the Parties commencing or continuing court proceedings.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Payontime Supporter
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