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AIR RESOURCES LIMITED

Company number: 01427732

Reporting period:
1 January 2018 to 30 June 2018

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

This report was filed on 10 October 2018

and approved by Tim Briant

Payment statistics

Average time taken to pay invoices: 25 days

Invoices paid:

• within 30 days: 71%
• in 31 to 60 days: 26%
• in 61 days or more: 3%

Invoices due but not paid within agreed terms: 9 %

Payment terms

Shortest standard payment period

10 days

Longest standard payment period

60 days

Standard payment terms

Our standard payment terms for third party suppliers is 60 days.
Our standard payment terms for our contractors operating through limited companies is 10 days.

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

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

N/A

Dispute resolution process

If the Company disputes any sum included in a valid invoice issued by the Supplier, it shall notify the Supplier of the dispute and the amount to which it relates. The Supplier shall promptly issue a credit note for the whole amount and VAT thereon and issue a new invoice in the amount of the undisputed sum. The Company shall be obliged to pay any undisputed balance of the invoice in accordance with this. If resolution of any dispute results in the Company agreeing to make payment to the Supplier, the Supplier may invoice the agreed amount to the Company and the Company shall be obliged to pay the invoice.

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

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