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BAE SYSTEMS SURFACE SHIPS LIMITED

Company number: 06160534

Reporting period:
1 July 2021 to 31 December 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 27 January 2022

and approved by David Bristow

Payment statistics

Average time taken to pay invoices: 16 days

Invoices paid:

• within 30 days: 95%
• in 31 to 60 days: 4%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 5 %

Payment terms

Shortest standard payment period

5 days

Longest standard payment period

61 days

Standard payment terms

The full text of the 2018 Standard Conditions of Purchase can be found at: https://www.baesystems.com/en-uk/what-we-do/suppliers/united-kingdom. BAE Systems Surface Ships Limited's standard sub-contract payment terms reflect these terms. However, in accordance with our major prime contract obligations, a large proportion of our sub-contracts provide for payment within thirty (30) calendar days calculated from receipt of a valid invoice.

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

No

Maximum contractual payment period agreed

61 days

Any other information about payment terms

It is not precisely known when payments actually credit into a supplier’s bank account (we do not have systems that accurately record this event). Therefore for the production of the disclosed statistics, we have made a reasoned estimation of when payments have cleared into a supplier's bank account.

Where an invoice has been settled through the matching of a credit note, this invoice is not included in the payment statistics. If there is a partial match of a credit note against an invoice, the payment of the remainder of the invoice is included in the payment statistics.

Dispute resolution process

In common with BAE Systems Standard Conditions of Purchase, if a payment dispute arises, then the parties are required to follow a disputed invoicing process and use reasonable endeavours to escalate and resolve the dispute amicably. Any disputes that cannot be resolved are subject to arbitration.

BAE Systems Standard Conditions of Purchase dispute resolution process can be found in Clause 15 and 36 at: https://www.baesystems.com/en-uk/what-we-do/suppliers/united-kingdom

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 – The company is a signatory to the UK 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