GOV.UK
OIL SPILL RESPONSE (CAPPING) LIMITED
Company number: 07968910
Reporting period:
1 January 2021
to 30 June 2021
This report was filed on 23 July 2021
and approved by Richard Morrish
Payment statistics
Average time taken to pay invoices: 28 days
Invoices paid:
- within 30 days: 73%
- in 31 to 60 days: 25%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 16 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
90 days
Standard payment terms
Payment terms of 90 days are offered to suppliers under the entities standards terms, however the entity will negotiate different terms with suppliers where it is appropriate to do so.
The standard payment terms have not changed during the reporting period. Any change to negotiated payment terms is agreed in writing between the parties.
No payment period of longer than 90 days has been agreed for any contract
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
The process for dispute resolution is as follows:
i) Discussion between the buyer and supplier with support from the finance function to attempt to resolve any dispute
ii) Escalation to executive level discussion between the entity and the supplier
iii) In all normal circumstances the entity expects disputes should be resolved via steps i & ii, however if in an extreme circumstance no resolution could be reached formal mediation and or legal proceedings would be considered
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
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