FEDERAL-MOGUL FRICTION PRODUCTS LIMITED
Company number: 00447826
Reporting period:
1 July 2022 to
31 December 2022
!
This information is as reported by the business, and responses are in their own words.
This report was filed on 23 January 2023
and approved by Michael Howard Lindley
Payment statistics
Average time taken to pay invoices:
82 days
Invoices paid:
- within 30 days: 10%
- in 31 to 60 days: 17%
- in 61 days or more: 73%
Invoices due but not paid within agreed terms:
82%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Payment 2nd working day of Month (can be 1mth, 2mth, 3mth, 4mth, 5mth) still a lot of suppliers have not agreed to the new terms.
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
122 days
Maximum payment period currently 2nd working day of 5th month
Any other information about payment terms
N/A
Dispute resolution process
Contact from suppliers chasing are directed to the relevant person in order to resolve disputes. Missing invoices etc quickly turned around – payments initiated as soon as possible.
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.
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