THE FIRST MILK CHEESE COMPANY LIMITED
Company number: 05893846
Reporting period:
1 April 2022
to 30 September 2022
This report was filed on 26 October 2022
and approved by Greg Jardine
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 19%
- in 31 to 60 days: 64%
- in 61 days or more: 17%
Invoices due but not paid within agreed terms: 2 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
75 days
Standard payment terms
The purchaser shall pay each invoice submitted by the supplier within 75 days of the date of invoice unless the parties otherwise agree in writing.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
75 days
Any other information about payment terms
N/A
Dispute resolution process
If any dispute arises out of the Contract the parties will attempt to settle it by negotiation within 90 days of the dispute arising, which failing the parties shall attempt to settle it by mediation in accordance with the Centre for Dispute Resolution Model Mediation procedure.
No party may commence any court proceedings in relation to any dispute arising from a Contract until they have attempted to settle it by mediation and that mediation
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