QINETIQ LIMITED

Company number: 03796233

Reporting period:
1 April 2021 to 30 September 2021

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This report was filed on 10 November 2021

and approved by Malcolm Coffin

Payment statistics

Average time taken to pay invoices: 23 days

Invoices paid:

• within 30 days: 82%
• in 31 to 60 days: 16%
• in 61 days or more: 2%

Invoices due but not paid within agreed terms: 8%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

QinetiQ Ltd’s standard payment term is 60 days from receipt of a correctly submitted invoice. However, where QinetiQ Ltd engages with suppliers for goods or services relating to government contracts, payment terms are adjusted to 30 days.

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

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

60 days

No further comment provided

Any other information about payment terms

Subject to agreement by QinetiQ Ltd, there may be negotiated variants to the 30 and 60 days terms.

Dispute resolution process

QinetiQ Ltd provides a dispute resolution process which is contained within our Conditions of Purchase Goods and Services.

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.

Yes, this business has signed up to: Prompt Payment Code

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.

Yes

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