QINETIQ LIMITED

Company number: 03796233

Reporting period:
1 October 2022 to 31 March 2023

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This report was filed on 27 April 2023

and approved by Peter Montague-Fuller

Payment statistics

Average time taken to pay invoices: 24 days

Invoices paid:

• within 30 days: 81%
• in 31 to 60 days: 17%
• in 61 days or more: 2%

Invoices due but not paid within agreed terms: 7%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

QinetiQ Ltd’s standard payment term is 30 days from receipt of a correctly submitted invoice for all small and medium size enterprises, regardless of their size.

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

60 days

With regards to our current longest standard payment period and our maximum contractual payment period, legacy agreements are being transitioned to 30 days to reflect recent changes to QinetiQ Ltd payment policy.

Any other information about payment terms

N/A

Dispute resolution process

QinetiQ Ltd provides a dispute resolution process which is contained within our Conditions of Purchase Goods and Services

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, this business has signed up to: 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