GOV.UK
ZIMMER BIOMET UK LIMITED
Company number: 00740767
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 31 July 2018
and approved by BO VENDELBOE
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 73%
- in 31 to 60 days: 24%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 39 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
180 days
Standard payment terms
The business is currently not disclosing any General Terms and Conditions of purchase. The payment term the most commonly applied is net 30 days from the invoice date for external suppliers. Internal to Zimmer Biomet as a corporation, the longest payment term applied is 180 days from delivered good consumption.
Were there any changes to the standard payment terms in the reporting period?
Yes – Zimmer Biomet UK didn't have any standard payment terms. As a consequence, the company decided to communicate with all external suppliers its payment terms requirement, setting-up the standard, excluding any negotiated derogation, to net 30 days.
Were suppliers notified or consulted about these changes before they were made?
Yes – All suppliers receive the payment term modification notification through post and e-mail. From the day the letter was issued, the supplier were given a period of one month to contact Zimmer Biomet UK to re-negotiate the payment terms if those new ones were an non-viable financial burden. Past this delay of one month, the standard payment terms were considered validated and entered into application.
Maximum contractual payment period agreed
180 days
The maximum contractual payment period is applied inside the Zimmer Biomet organization only.
Any other information about payment terms
N/A
Dispute resolution process
Zimmer Biomet UK currently has no dispute resolution process. The suppliers are invited to contact directly the Zimmer Biomet accounts team to find a quick resolution.
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
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