JOY GLOBAL (UK) LIMITED
Company number: 02546087
Reporting period:
1 October 2021 to
31 March 2022
This report was filed on 27 April 2022
and approved by Philip Schley
Payment statistics
Average time taken to pay invoices: 63 days
Invoices paid:
- within 30 days: 13%
- in 31 to 60 days: 36%
- in 61 days or more: 51%
Invoices due but not paid within agreed terms: 62%
Payment terms
Shortest standard payment periods
41 days
Longest standard payment period
47 days
Standard payment terms
Joy Global will pay for any goods and services within ten business days from the last day of the month following the month in which: a) the goods are received by Joy Global; b) the services are provided to Joy Global; or c) a correct invoice for the goods or services that complies with the provisions of the purchase order is received by Joy Global. These terms only apply in the absence of a separately negotiated agreement upon which different payment terms may have been agreed. The Company makes a significant volume of payments to other related group companies, which are included in the calculations. On average the Company takes 58 days to pay third party suppliers.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
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
N/A
Dispute resolution process
With respect to supplier relationships, we encourage our buying teams to first attempt to resolve disputes commercially. Our buying team seek to deal with any disputes promptly (escalating to management as needed). In the event that the situation remains unresolved, the matter may be further escalated to executive management and/or the Legal Department. Formal legal proceedings are very rare.
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, 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