NATIONAL BANK OF KUWAIT (INTERNATIONAL) PLC
Company number: 02773743
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
29 July 2021
Approved by:
Andrew Richardson
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 85%
- in 31 to 60 days: 14%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 32%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
National Bank of Kuwait (International) PLC operates a preferred payment period of 30 days. Some of the suppliers’ payment vary compared to our standard terms. The individual circumstances of NBKI’s suppliers’ payment periods have been taken into account when compiling the return’s data.
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
In the event that there is a dispute between the parties about any invoice rendered, the supplier should initially raise this in writing with the department that commissioned the service/supply of goods or with the individual who is specified in any agreement as the contact at NBKI. The supplier should enclose any relevant documents and summarise the key aspects of the dispute. If the matter cannot be resolved by agreement within 14 days the supplier may escalate it to the Managing Director of NBKI. Reasonable efforts will be made by NBKI to reach agreement, but if that does not occur within 21 days of the matter being referred to the Managing Director the parties will either agree to formal mediation, or if the parties do not so agree, one or other of parties may commence legal proceedings.
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