AMEC FOSTER WHEELER GROUP LIMITED
Company number: 04612748
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
31 July 2018
Approved by:
Bill Setter
Payment statistics
Average time taken to pay invoices: 69 days
Invoices paid:
- within 30 days: 30%
- in 31 to 60 days: 41%
- in 61 days or more: 29%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 5%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms are 60 days
Were there any changes to the standard payment terms in the reporting period?
there were changes made to our standard terms in our reporting period. Following the recent acquisition by Wood group of Amec Foster Wheeler we are in the process of standardizing terms across the new business. This will enable greater transparency across our supply chain and support a robust payment process.
Were suppliers notified or consulted about these changes before they were made?
Engagement with suppliers will vary depending the extent and reach of any change (e.g. enterprise wide or local variations). Engagement method will be selected that is most appropriate and may include formal letters, meetings, project enquiry documents and contractual variations. Some informal discussions may take place at local levels throughout the organisation.
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Amec Foster Group Limited are committed to being financially responsible and acting with integrity. We endeavor to resolve all disputes in a fair and timely manner. Disputes are typically resolved by discussion between the supplier and the business focal point and in case escalation is required to the business grouping SVP and VP F & A.
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.
Yes, this business has signed up to: Government Prompt Payment Code
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