CAMERON FLOW CONTROL TECHNOLOGY (UK) LIMITED
Company number: 08379585
Reporting period:
1 February 2018
to 31 July 2018
This report was filed on 23 August 2018
and approved by J Keogh
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 38%
- in 31 to 60 days: 47%
- in 61 days or more: 15%
Invoices due but not paid within agreed terms: 61 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
45 days
Standard payment terms
Our company is part of the Schlumberger group of companies and based on its group policies and processes, there are a range of payment terms being followed depending on the suppliers and terms negotiated. In this reporting period, the most frequent payment terms are 30 days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
75 days
There were two vendors in the period which had 75 day payment terms.
Any other information about payment terms
N/A
Dispute resolution process
3rd party: Although dispute resolution provisions are contained in most of our supplier contracts, our company seeks to resolve all supplier disputes amicably. In most cases, in the event of a supplier dispute, an email is sent to our central AP help desk and is prioritised by an AP business partner for resolution. Disputes are generally resolved within 4 to 7 working days. The AP business partner communicates with both parties (external and internal) in order to collate the required information to help resolve the dispute.
Intercompany : Any reconciliation differences are identified by the intercompany team, which are then directed to the Procurement department/Sales department/General Accounting team in the financial hub in order to be resolved. If necessary, disputes are escalated to the relevant finance controllers. The aim is to resolve the dispute by the next intercompany settlement date.
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.
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