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SPARROWS OFFSHORE SERVICES LIMITED

Company number: 00845839

Reporting period:
1 January 2018 to 30 June 2018

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This information is as reported by the business, and responses are in their own words.

This report was filed on 29 October 2018

and approved by Neil Johnson

Payment statistics

Average time taken to pay invoices: 44 days

Invoices paid:

• within 30 days: 36%
• in 31 to 60 days: 34%
• in 61 days or more: 30%

Invoices due but not paid within agreed terms: 31 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

90 days

Standard payment terms

Sparrows standard payment terms are 75 days after receipt by Sparrows of a correctly prepared & adequately supported invoiced to the address stated in the contract

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

Supplier payment runs are generally carried out once per week which can lead to payment being made a few days over the payment terms

Dispute resolution process

Sparrows seeks to advise suppliers promptly of any disputes or reasons why an invoice will not be paid in accordance with the agreed terms. Invoices that are subject to dispute will not be paid until resolution of the dispute. Depending on the issue, Procurement or the Requisitioner may be involved to resolve any disputes. Once resolved, payment will be made in accordance with the terms of the contract.

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