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T.J.SMITH AND NEPHEW,LIMITED

Company number: 00093994

Reporting period:
1 January 2022 to 30 June 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 15 July 2022

and approved by Malik, Imran

Payment statistics

Average time taken to pay invoices: 38 days

Invoices paid:

• within 30 days: 57%
• in 31 to 60 days: 39%
• in 61 days or more: 4%

Invoices due but not paid within agreed terms: 7 %

Payment terms

Shortest standard payment period

7 days

Longest standard payment period

60 days

Standard payment terms

Standard payment terms are 60 days.
Small enterprises 30 days.

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

Yes – Change the standard terms of payment for all small enterprises to 30 days.

Were suppliers notified or consulted about these changes before they were made?

Yes – Communication via e mail.

Maximum contractual payment period agreed

60 days

Any other information about payment terms

N/A

Dispute resolution process

Any dispute or claim (regardless of its legal or equitable theory) arising in connection with the Order, or any act or omission in its performance shall be resolved solely and finally by binding arbitration conducted by a single arbitrator in accordance with the Rules of Arbitration of the International Chamber of Commerce ("the ICC") The seat of the arbitration will be London. The arbitration language shall be English.

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