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QINETIQ LIMITED

Company number: 03796233

Reporting period:
1 October 2021 to 31 March 2022

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This information is as reported by the business, and responses are in their own words.

This report was filed on 5 May 2022

and approved by Malcolm Coffin

Payment statistics

Average time taken to pay invoices: 24 days

Invoices paid:

• within 30 days: 80%
• in 31 to 60 days: 18%
• in 61 days or more: 2%

Invoices due but not paid within agreed terms: 7 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

We currently tag all SMEs in our systems for immediate payment. We are now implementing a payment term policy of 30 days for all our suppliers, regardless of size, unless dictated otherwise by regulation or exceptional circumstance

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

30 days

Any other information about payment terms

Payments are issued by BACS and can take up to 3 working days to credit the beneficiary bank account. QinetiQ calculates payment performance by using day 1 of the cycle ie the date the payment was issued

Dispute resolution process

QinetiQ Ltd provides a dispute resolution process which is contained within our Conditions of Purchase Goods and Services

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.

Yes – 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.

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.

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