CGG SERVICES (UK) LIMITED

Company number: 06923682

Reporting period:
1 July 2021 to 31 December 2021

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This report was filed on 19 January 2022

and approved by Robert Bell-Davies

Payment statistics

Average time taken to pay invoices: 30 days

Invoices paid:

• within 30 days: 65%
• in 31 to 60 days: 31%
• in 61 days or more: 4%

Invoices due but not paid within agreed terms: 59%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

Payment terms are the terms and conditions surrounding the payment of sale (goods or services), typically specified by the suppliers to the CGG. Payment terms provide details about the expected payment on a sale. In the most cases payment terms are included on an invoice and specify how much time the CGG has to make payment on the purchase. If payment terms aren't specified on the inv CGG will apply standard 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

N/A

Any other information about payment terms

N/A

Dispute resolution process

If supplier sent inv and there is issue, AP member will keep inv outstanding (on hold) and requestor of goods and services, who should be approver will contact supplier via email or phone call and request revised inv or credit note. If revised inv provided previous inv, which is kept on hold will be rejected and revised one will be sent for approval. If supplier send partial credit, AP member should send problematic inv and credit to approval, also link inv to partial credit in AP system (eye share). As soon as both been authorized inv less credit will be added for next payment run once they are due for payments. If supplier send full credit to cancel problematic inv, AP member will reject both inv and credit and link inv and credit to each other's. After payment run supplier will get remittance advice with details about payments, such as: invoices, credit notes, amounts, bank account paid from bank account paid to Value day (payment day) Payment run are performed each week by Accounts Payable Accountant

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, 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.

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