Company number: 02724437
and approved by Sean Michael Biddlecombe
Average time taken to pay invoices: 67 days
Invoices paid:
Invoices due but not paid within agreed terms: 39%
30 days
90 days
Garmin (Europe) Limited's standard payment terms states that for third party invoices for goods and services payment will be made in 30 days from end of month of receipt of a correct, undisputed and properly due invoice. The standard payment terms in respect of other Garmin entities is 90 days from receipt of a correct, undisputed and properly due invoice.
Answer not provided
N/A
90 days
The maximum contractual terms of 90 days is in relation to other Garmin entities, and does not relate to third party contracts
During 2022 H2, there was a deferred payment plan with a key intercompany supplier, if related party transactions are removed our average number of days taken to pay reduces from 67 to 36.
Garmin (Europe) Limited makes every effort to resolve any payment dispute in a timely and fair manner. Disputes are resolved through discussion, and suppliers should contact the Accounts Payable Administrator at: accounts.payable-ge@garmin.com. Communication with the supplier will be made in the shortest possible timescale to ensure quick resolution.
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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No