BORGWARNER TECHNOLOGIES LIMITED
Company number: 03870587
Reporting period:
1 January 2023 to 30 June 2023
Report filed on:
24 July 2023
Approved by:
James Kyte
Payment statistics
Average time taken to pay invoices: 72 days
Invoices paid:
- within 30 days: 9%
- in 31 to 60 days: 44%
- in 61 days or more: 47%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 4%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
90 days
Standard payment terms
most of the vendors with 90 days payment term, but some with 60 or less
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
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
If there is an issue on the quantity the material planner resolve this with vendors, and buyers are involved with price issues. no payment is made until the issue is resolved if the variance is above the tolerance level
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?
Yes
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
Yes