INTERNATIONAL PROCUREMENT AND LOGISTICS LIMITED
Company number: 05104448
Reporting period:
26 December 2020 to 25 June 2021
Report filed on:
22 July 2021
Approved by:
Paul Grover
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 46%
- in 31 to 60 days: 45%
- in 61 days or more: 9%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 10%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
71 days
Standard payment terms
International Procurement and Logistics Limited ('IPL')’s standard contractual payment terms state that IPL will pay each correct invoice on its next weekly payment run following 30 days after the later of receipt of goods and receipt of invoice (for goods for resale suppliers), on its next weekly payment run following 60 days after receipt of invoice (for goods not for resale suppliers) or 30 days (cash in bank) after receipt of invoice for small suppliers. In certain specific circumstances, IPL may agree to shorter and longer payment terms with its suppliers as part of an overall commercial agreement.
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
71 days
No further comment provided
Any other information about payment terms
Within IPL’s standard contractual terms, IPL may set off monies payable to a supplier against any monies owed to IPL by the same supplier. Although no changes have been made to the relevant suppliers’ contractual payment terms, during the COVID-19 crisis IPL invested in supporting its small suppliers by paying them on IPL’s next weekly payment run following the relevant invoice being cleared. IPL has also supported individual suppliers to accelerate payment of invoices to facilitate continuity of supply.
Dispute resolution process
If an IPL supplier raises a query in respect of an outstanding invoice, payment or deduction, in the first instance it is handled by the Accounts Payable team through a clear query process. If necessary the Accounts Payable team will refer to other business areas within IPL to resolve the enquiry. If the matter remains unresolved within the target turnaround time it is escalated to senior leadership.
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