TYCO ELECTRONICS UK LTD
Company number: 00550926
Reporting period:
1 October 2021 to 31 March 2022
Report filed on:
20 April 2022
Approved by:
Stephen Cooper
Payment statistics
Average time taken to pay invoices: 57 days
Invoices paid:
- within 30 days: 24%
- in 31 to 60 days: 42%
- in 61 days or more: 34%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 13%
Payment terms
Shortest standard payment periods
15 days
Longest standard payment period
90 days
Standard payment terms
Net 90 days preferred with supplier agreement
Were there any changes to the standard payment terms in the reporting period?
Net 90 days preferred with supplier agreement and supply chain finance available, as well as efforts to normalize same payment terms with the same suppliers
Were suppliers notified or consulted about these changes before they were made?
Letter or e-mail
Maximum contractual payment period agreed
120 days
While TE's has adopted net 90 days payment terms, there are preferred terms where TE seeks the agreement of our suppliers. With respect late payments, 87% are within 5 days and late payments are often due to issues with Supplier's submission
Any other information about payment terms
No further comment provided
Dispute resolution process
TE's local purchasing team may resolve payment terms questions but our supplier contracts may contain other formal dispute resolution provisions, such as for resolving supplier quality issues
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.
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.
Yes
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