GOV.UK
XAARJET LIMITED
Company number: 03375961
Reporting period:
1 July 2021
to 31 December 2021
This report was filed on 31 January 2022
and approved by Ian Tichias
Payment statistics
Average time taken to pay invoices: 44 days
Invoices paid:
- within 30 days: 24%
- in 31 to 60 days: 57%
- in 61 days or more: 19%
Invoices due but not paid within agreed terms: 72 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
120 days
Standard payment terms
Xaar’s standard terms are 60 days following the end of the month. https://www.xaar.com/media/2346/xaar-terms-and-conditions-of-purchase-v7-oct20.pdf
However there are agreements with many suppliers where the terms differ from Xaar’s standard terms, and are in most cases shorter.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
120 days
No.
Any other information about payment terms
No.
Dispute resolution process
Xaar is committed to building and maintaining strong relationships with our suppliers and seeks to resolve invoice queries/disputes with suppliers as quickly as possible.
The majority of Xaar’s supplier relationships are covered by our standard terms and conditions. The dispute resolution process in these cases will be as stated below.
Most invoices are issued against a Xaar purchase order. Queries for these invoices are passed by Accounts Payable to the Purchasing department, which is responsible for raising Purchase Orders with suppliers, for investigation and resolution.
For any non-purchase order invoices, Accounts Payable will either raise queries with suppliers directly or will work in collaboration with the internal invoice owner in order to resolve with the supplier.
Where there is a specific agreement in place with a supplier, a specified dispute resolution clause will be included in the agreement. The exact wording of the clause will vary but the process is likely to be that Xaar and the supplier will attempt to settle the dispute themselves; if no resolution is found then it will be taken to an independent body to resolve; and then to Court if the dispute cannot be resolved.
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