GOV.UK
ABB LIMITED
Company number: 03780764
Reporting period:
1 January 2023
to 30 June 2023
This report was filed on 26 July 2023
and approved by Craig Prendergast
Payment statistics
Average time taken to pay invoices: 69 days
Invoices paid:
- within 30 days: 7%
- in 31 to 60 days: 20%
- in 61 days or more: 73%
Invoices due but not paid within agreed terms: 68 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
124 days
Standard payment terms
For 3rd Party suppliers, the global payment terms are 90 days end of month from date of invoice with payment by the 4th working day of the following month. These terms are applied to new suppliers, and to new contracts. The procurement teams based in the local business units can deviate from these standard terms based upon spend and size of supplier company. For intercompany suppliers, the standard terms are 60 days from date of invoice
Were there any changes to the standard payment terms in the reporting period?
Yes – There has been a change on the intercompany payment terms. This came into effect from the 1st Jan 2023
Were suppliers notified or consulted about these changes before they were made?
Yes – As this is a global policy, all entities within the group were notified of this change
Maximum contractual payment period agreed
124 days
Any other information about payment terms
N/A
Dispute resolution process
The business process for resolving disputes is managed by the local business Procurement teams, together with a central AP team. There is a ‘No PO No Pay’ policy in place throughout the organisation.
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