TULLOW OIL SK LIMITED
Company number: 05287330
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
27 July 2018
Approved by:
Les Wood
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 14%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 1%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Tullow specifies payment period of 30 days from receipt of a true, correctly prepared and adequately substantiated invoice in all of its standard contract models. Tullow sometimes varies standard payment terms by reducing the payment period from 30 days to 15 days based on negotiations with suppliers and consultation with Finance. Tullow does not specify a maximum payment period in its model contracts, however Tullow provides for suppliers’ right to charge interest on any invoices overdue. Tullow does require that invoices be submitted within 3 months of the work qualifying for payment to ensure discipline.
Were there any changes to the standard payment terms in the reporting period?
No
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
No further comment provided
Dispute resolution process
Tullow reserves the right to dispute items on the invoice. When disputing, Tullow undertakes to pay undisputed items on the invoice upon receipt of supplier’s credit note amending the original disputed invoice in accordance with payment terms agreed in the contract. Tullow also reserves the right to withhold disputed amounts from any money due under the contract. Suppliers then have a right to submit invoices for any money due once the dispute is settled. All Tullow contracts provide for parties resolving disputes amicably, expeditiously and in good faith.
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.
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