TUV SUD LIMITED

Company number: SC215164

Reporting period:
1 July 2022 to 31 December 2022

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This report was filed on 31 January 2023

and approved by William McKnight

Payment statistics

Average time taken to pay invoices: 16 days

Invoices paid:

• within 30 days: 90%
• in 31 to 60 days: 8%
• in 61 days or more: 2%

Invoices due but not paid within agreed terms: 16%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

90 days

Standard payment terms

As per our standard terms and conditions our payment terms are 60 days from the end of the month which TUV SUD Ltd is in receipt of a proper invoice.

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

90 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

Our preferred method of receiving invoices is through email to TUV-SUD@restoredigital.co.uk They can also be posted. If there is a dispute over an invoice our accounts payable department will contact the supplier either via email or telephone call to explain what the issue is and agree how this can be resolved. If there is a dispute over payment or payment has not been received within the agreed contract terms, supplier can contact the accounts payable team via email – accounting-0079@tuv-sud.co.uk We aim to respond to queries within 48 hours and will work with our suppliers to resolve any issues.

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.

No

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