PARATUS AMC LIMITED

Company number: 03489004

Reporting period:
1 January 2023 to 30 June 2023

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This report was filed on 28 July 2023

and approved by Hans Geberbauer

Payment statistics

Average time taken to pay invoices: 95 days

Invoices paid:

• within 30 days: 57%
• in 31 to 60 days: 17%
• in 61 days or more: 27%

Invoices due but not paid within agreed terms: 20%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

30 days

Standard payment terms

Payment terms are as set out above unless otherwise agreed by both parties and/or is set out in any contract. Payment is calculated from the date of receipt of a valid and undisputed invoice quoting a valid Purchase Order number, where applicable. Invoices are normally sent by the supplier direct to us for payment. This may include matching to Purchase Orders or, where a Purchase Order is not required in accordance to our Procurement policy, approval for payment of the invoice is requested at the appropriate buyer or manager level. Where Purchase Orders are not receipted to enable invoices to be paid, a follow up with the respective buyers will take place. Invalid or disputed invoices are rejected and returned back to the supplier, detailing the reason for the return. Where appropriate, contractual remedies for late payment of invoices are negotiated and we may set off against the invoice any sums owed to us, unless our contract prohibits this.

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

30 days

There is nothing further to say, as 30 days is our standard and to my knowledge nothing longer has been granted.

Any other information about payment terms

Improved or amended payment terms may be agreed by the Procurement and Vendor Management team during negotiations with suppliers.

Dispute resolution process

Disputes will be managed in accordance with any escalation procedures or contractual provisions in place or resolved through negotiation by the Procurement and Vendor Management team and any unresolved disputes may be escalated to the Company’s Legal team if required.

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?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No