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INEOS E&P (UK) LIMITED

Company number: 04376184

Reporting period:
1 January 2021 to 30 June 2021

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This information is as reported by the business, and responses are in their own words.

This report was filed on 16 August 2021

and approved by Mike Llewellyn

Payment statistics

Average time taken to pay invoices: 10 days

Invoices paid:

• within 30 days: 89%
• in 31 to 60 days: 6%
• in 61 days or more: 5%

Invoices due but not paid within agreed terms: 30 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

Except where the Supplier has failed to perform its obligations under the Purchase Order or where the Supplier’s invoice contains a material error, the Company will pay for the Goods/Services to the Supplier in the amounts specified in the Purchase Order within 30 days of receipt of the Supplier’s invoice, the receipt not being earlier than the delivery.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

30 days

Any other information about payment terms

N/A

Dispute resolution process

If either party is dissatisfied with the performance of the other in relation to the Goods/Services or this Purchase Order, the parties shall meet as soon as possible in good faith to try to resolve the matter in an amicable way. In the absence of any agreement being reached on that particular dispute either party may take appropriate action in the English Courts to resolve the dispute at any time.

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