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TULLOW GROUP SERVICES LIMITED

Company number: 05660209

Reporting period:
1 July 2022 to 31 December 2022

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This information is as reported by the business, and responses are in their own words.

This report was filed on 27 January 2023

and approved by Richard Miller

Payment statistics

Average time taken to pay invoices: 30 days

Invoices paid:

• within 30 days: 90%
• in 31 to 60 days: 6%
• in 61 days or more: 4%

Invoices due but not paid within agreed terms: 2 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

Tullow specifies payment periods of 30 days from receipt of a true, correctly prepared and adequately substantiated invoice in all of its standard contract models. Tullow sometimes varies standard payment terms by reducing the payment period from 30 days to 15 days based on negotiations with suppliers and consultation with Finance. Tullow does not specify a maximum payment period in its model contracts, however Tullow provides for suppliers’ right to charge interest on any undisputed invoices overdue. Tullow does require that invoices be submitted within 3 months of the work qualifying for payment to ensure discipline.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

30 days

Any other information about payment terms

N/A

Dispute resolution process

Tullow reserves the right to dispute items on the invoice. Contracts provide that Tullow will pay undisputed items on the invoice upon receipt of a new invoice for the undisputed portion and supplier’s credit note for the original disputed invoice in accordance with payment terms agreed in the contract. For a minority of contracts entered into in 2022 and for contracts entered into before 2022, Tullow undertakes to pay the undisputed items on the invoice upon receipt of a supplier’s credit note amending the original disputed invoice. Tullow also reserves the right to withhold disputed amounts from any money due under the contract. Suppliers then have a right to submit invoices for any money due once the dispute is settled. All Tullow contracts provide for parties resolving disputes amicably, expeditiously and in good faith.

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.

Yes – Prompt Payment Code

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