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PETROLEUM EXPERTS LIMITED

Company number: SC126553

Reporting period:
1 April 2021 to 30 September 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 13 October 2021

and approved by Lynn Marshall

Payment statistics

Average time taken to pay invoices: 24 days

Invoices paid:

• within 30 days: 90%
• in 31 to 60 days: 10%
• in 61 days or more: 0%

Invoices due but not paid within agreed terms: 9 %

Payment terms

Shortest standard payment period

1 days

Longest standard payment period

60 days

Standard payment terms

Net payment by bank transfer due by XX/XX/XXXX (XX Days)
Please do not make any deductions to the total amount. If tax applies and it has not been added, please contact XX directly before proceeding with the payment.

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

No

Maximum contractual payment period agreed

60 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

The lase of Scotland shall govern this Agreement. All disputes in connection with this Agreement shall be finally settled under the Rules of Conciliation and Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the Rules. The place of arbitration shall be Edinburgh, Scotland.

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