IUP 2 LLP
Company number: OC376452
Reporting period:
1 February 2023 to 31 July 2023
Report filed on:
31 August 2023
Approved by:
John Sykes
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 78%
- in 31 to 60 days: 13%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 28%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
Answer not provided
Standard payment terms
Our standard payment terms are to settle valid invoices within 30 days but this can vary dependent on individual arrangements with suppliers and the nature of the goods and services supplied
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No payment period of longer than 30 days have been agreed with any suppliers
Any other information about payment terms
N/A
Dispute resolution process
Disputes over invoices and payments are dealt with in the first instance with our Accounts Payable team. Where necessary this is escalated to the business contact or budget holder relevant to the individual supplier.
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 Fair 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