Company number: 02711006
and approved by Anna Marie Dunn
Average time taken to pay invoices: 27 days
Invoices paid:
Invoices due but not paid within agreed terms: 5%
45 days
60 days
Each JPMorgan Chase group company’s (JPMC) standard payment terms are “2% 10; net 60”, unless different terms are negotiated under contract or mandated by law in a particular country, meaning JPMC pays undisputed amounts within 60 days from receipt of an accurate invoice and may take a two percent discount off any amounts due under an accurate invoice as long as it pays within 10 business days from receipt. JPMC’s standard form contract typically used for higher risk engagements has standard payment terms of 2% 10; net 60 (as above). JPMC’s standard form contracts typically used for lower/minimal risk engagements have standard payment terms of 45 days after receipt of a correct invoice. JPMC’s standard purchase order terms and conditions typically used for minimal risk engagements have standard payment terms of 2% 10; net 60. Historically, Law Firms have been on pay immediate terms, but this has been problematic as it has effectively meant that JPMC is in breach of its payment obligations on receipt of legal invoices. As part of a holistic review and restructure of our master engagement terms with Law Firms, we have updated and aligned our payment obligations to our standard payment terms for other, non-legal vendors. Where payments are made by credit card (virtual card payment), payment terms have been aligned to our standard payment terms and will be evaluated against net 60-day terms rather than pay immediately upon invoice approval.
Answer not provided
N/A
60 days
N/A
N/A
A qualifying contract may set out a dispute resolution process. The sophistication of this process depends on the risk rating and therefore complexity of the contract, with contracts used for higher risk engagements containing a multi-tiered (or escalation) dispute resolution clause. Practically, and even in the absence of an escalation/dispute resolution clause in a qualifying contract, an internal escalation process is followed which is materially consistent, as regards JPMC, with a multi-tiered contractual clause.
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.
Yes
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