LUBRIZOL LIMITED
Company number: 00775276
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
21 July 2021
Approved by:
A Fisher
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 64%
- in 31 to 60 days: 33%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 36%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
30 days end of month following invoice date
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
60 days
Maximum payment terms are 60 days after end of invoiced month. (subject to receiving goods and/or service, and invoice). Average payment period is 75 days.
Any other information about payment terms
Payment terms are recorded on each Purchase Order. Any changes to terms are agreed with suppliers, and recorded on each PO.
Dispute resolution process
Any dispute will involve ascertaining the facts and primary issue, then implementing resolution that is mutually acceptable, if required.
Lubrizol contact and accounts payable details are included on each purchase order.
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.
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