MEGGITT AEROSPACE LIMITED
Company number: 03477890
Reporting period:
1 January 2022 to
30 June 2022
This report was filed on 27 July 2022
and approved by Louisa Burdett
Payment statistics
Average time taken to pay invoices: 69 days
Invoices paid:
- within 30 days: 15%
- in 31 to 60 days: 36%
- in 61 days or more: 49%
Invoices due but not paid within agreed terms: 28%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
Answer not provided
Standard payment terms
Under clause 8.5 of our standard purchasing terms for UK and EMEA sites payment terms are “within 60 days of the later of delivery or receipt of the invoice”. https://www.meggitt.com/about-us/our-responsibility/global-terms-conditions/
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Meggitt aims to resolve most questions within 3 weeks. Any question that has not been resolved to the satisfaction of the supplier and Meggitt within 3 weeks of being raised may be escalated to the Head of Procurement for resolution by emailing accountsquery@meggitt.com.
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, 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.
Yes
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