BMW FINANCIAL SERVICES (GB) LIMITED

Company number: 01288537

Reporting period:
1 July 2020 to 31 December 2020

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This report was filed on 27 January 2021

and approved by Ursula Wingfield

Payment statistics

Average time taken to pay invoices: 2 days

Invoices paid:

• within 30 days: 100%

Invoices due but not paid within agreed terms: 0%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

Under BMW Financial Services (GB) Limited’s standard contractual terms we commit to the payment of all undisputed sums due within 30 days of receipt of a valid invoice into our Accounts Payable department.

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

30 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

In the event of a dispute, in accordance with our dispute resolution procedure, both parties should attempt to resolve any dispute arising promptly by negotiation. The dispute should be referred for discussion between the relevant Contract Managers. If the parties are unable to resolve the dispute within 30 days of the commencement of the discussions, the dispute shall be referred for a further period of 30 days to appropriate nominated executives or officers of each Party who are suitably senior, experienced and authorised to discuss and settle the dispute. If the Parties fail to agree on a resolution to a dispute either Party may refer any dispute for mediation under the Model Mediation Procedure (MMP) of the Centre of Dispute Resolution (CEDR) in London for the time being in force in accordance with CEDR's Model Mediation Agreement for the time being in force.

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