FEDERAL-MOGUL FRICTION PRODUCTS LIMITED
Company number: 00447826
1 July 2022
to 31 December 2022
This report was filed on 23 January 2023
and approved by Michael Howard Lindley
Average time taken to pay invoices: 82 days
- 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 %
Standard payment period for qualifying contracts
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?
Maximum contractual payment period agreed
Maximum payment period currently 2nd working day of 5th month
Any other information about payment terms
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.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?