LONDON METROPOLITAN UNIVERSITY
Company number: 00974438
Reporting period:
1 August 2019 to 31 January 2020
Report filed on:
16 February 2022
Approved by:
Professor Lynn Dobbs
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 45%
- in 31 to 60 days: 44%
- in 61 days or more: 11%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 55%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
We shall unless stated otherwise in the contract, pay the invoiced amounts within 30 days of a valid invoice to a bank account nominated by you in writing
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
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Accounts Payable team will be the first line of contact. If not resolved within 7 days this will be taken up by the Accounts Payable manager. If not resolved within 7 days this will be reported to the Financial Controller. If issue cannot be resolved then it will be escalated to our Procurement Team or Legal Team depending on the nature of the issue.
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