ESSAR OIL (UK) LIMITED
Company number: 07071400
Reporting period:
1 October 2021 to 31 March 2022
Report filed on:
27 April 2022
Approved by:
Deepak Maheshwari
Payment statistics
Average time taken to pay invoices: 43 days
Invoices paid:
- within 30 days: 48%
- in 31 to 60 days: 42%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 12%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Standard payment terms requested is 60 days. This can be negotiated and our minimum is normally 30 day payment terms
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
60 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
Most contracts will include a disputed provision which requires notification of dispute, followed by discussion and attempted resolution between nominated representatives for a specified time frame, escalation to management and finally formal dispute resolution through courts or arbitration.
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