GLORY GLOBAL SOLUTIONS (INTERNATIONAL) LIMITED
Company number: 06569621
Reporting period:
1 October 2021 to 31 March 2022
Report filed on:
12 May 2022
Approved by:
Mr Michael Williams
Payment statistics
Average time taken to pay invoices: 63 days
Invoices paid:
- within 30 days: 40%
- in 31 to 60 days: 29%
- in 61 days or more: 31%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 16%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
Answer not provided
Standard payment terms
Save where different payment terms are specified on the front of the Order GGS shall pay all invoices by the end of the second month following the month of invoice provided the Supplier has complied with its obligations under the Order. Each invoice shall clearly state the applicable Order number and shall be sent by the Supplier to GGS at the address specified on the front of the Order referencing the applicable advice note number and date.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
135 days
The maximum contractual payment term of 135 days is to GGS International’s Ultimate Parent company (Glory LTD). Aside from this the maximum contractual payment period is 60 days.
Any other information about payment terms
No further comment provided
Dispute resolution process
The Company seeks to resolve all disputes where possible via negotiation. The Company has a dedicated Accounts Payable team which is reachable by phone and email in the first instance by Vendors who believe that invoices have not been paid to terms. The Accounts Payable team will investigate with the Purchasing department to understand why invoices have not been approved for payment to rectify the issue and process the invoice for payment. The Purchasing department will investigate the dispute to seek resolution with their main point of contact at the Vendor.
In the event that the dispute cannot be resolved via Negotiation the matter will be passed to the Legal department to manage. In this event the Company will move to the use of Mediators and then Arbitrators to seek resolution. If both are unsuccessful the dispute will move to litigation.
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.
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