CGG SERVICES (UK) LIMITED
Company number: 06923682
Reporting period:
1 July 2022 to 31 December 2022
Report filed on:
31 January 2023
Approved by:
Robert Bell-Davies
Payment statistics
Average time taken to pay invoices: 28 days
Invoices paid:
- within 30 days: 69%
- in 31 to 60 days: 27%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 57%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Standard payment terms of 30 days are agreed terms between CGG and vendors, invoice is due for payment after 30 days from tax point (inv date)
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
N/A
Any other information about payment terms
No further comment provided
Dispute resolution process
Invoice from vendors are sent via email to AP mailbox - Accounts.PayableUK@cgg.com or by post. AP Accountant then will send inv for approval (PO or non-PO) If there is issue with price, goods not delivered, quantity issue, wrong product delivered, inv will be put on hold. Vendor then should be informed about issue and should raise revised inv and request cancellation of previous one or will raise credit for good or services under queries. AP then process inv less credit and process in ERP system for payment. Another option is to raise full credit for hold invoice and ask for revised - correct one. AP team then process correct inv via ERP and add to weekly batch. Once payment completed, vendor will receive funds and remittance advice
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 Fair 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