THERMO ELECTRON (MANAGEMENT SERVICES) LIMITED
Company number: 03153068
Reporting period:
1 July 2021 to 31 December 2021
Report filed on:
27 January 2022
Approved by:
Euan Cameron
Payment statistics
Average time taken to pay invoices: 59 days
Invoices paid:
- within 30 days: 81%
- in 31 to 60 days: 9%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 51%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
Thermo Fisher Corporate payment term expectations are net 75 days. There are instances where different payment terms have been agreed with vendors and these can range from payment on presentation of invoice through to payment within 90 days. We aim to abide by the agreed payment terms based upon timely submission of satisfactory invoices being received.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
As the corporate entity for the Thermo Fisher Scientific group in the UK we are, at times, asked by other areas of the group to make urgent payments to vendors. Upon such requests we aim to make payments within 3 working days to the vendor.
Dispute resolution process
The company is committed to dealing with its suppliers in a fair, honest and professional manner. We seek to resolve queries as quickly as possible to the satisfaction of all parties prior to payment being made. In the event that a dispute cannot be resolved it is escalated internally and with the supplier to seek resolution.
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 Fair 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.
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