Company number: 04883589
and approved by Andy Skelton
Average time taken to pay invoices: 57 days
Invoices paid:
Invoices due but not paid within agreed terms: 25%
0 days
60 days
Drax Power standard contract payment terms are 60 days; however, terms are agreed with suppliers as part of contract negotiations. Payment runs are completed on a weekly basis whereby invoices falling into this category are picked up on the next BACS following due date.
Answer not provided
N/A
60 days
Payment terms are agreed with suppliers as part of contractual negotiations. Drax have an established Supply Chain Finance facility with HSBC operating under Drax Power Limited. The facility was set up on an uncommitted basis and allows suppliers that sign up to the programme the option to receive early payment of their invoices. The participants under the programme typically have short payment terms and large spend. Furthermore, the facility provides a cost effective source of financing to the supplier, availability to access funds sooner than the payment terms if desired, and provides greater control with a reduction in their trade receivables.
Drax Power offers reduced payment terms by credit card where accepted. Payment terms are agreed during contract negotiations.
On receipt of an invoice, Accounts Payable perform standard checks to confirm: - •The invoice is for Drax Power Ltd •We have authorised supplier details and bank account for payment •A Purchase Order (PO) number is quoted and matches an approved order number •The invoice details match the approved PO for quantity, price, and description of supply •The PO has been receipted •The invoice has not already been paid •We have received a copy of the invoice We target to complete these checks within 5 days of invoice receipt. If invoices are received on a timely basis and no queries arise from these checks, payment will be schedule by BACS in accordance with terms. Where queries arise, payment will be made by BACS once these queries are resolved. We target to resolve queries within 10 days and make payment on the next scheduled BACS run. Disputes should be sent to the following email address; accountspayable@drax.com This email is monitored daily by Accounts Payable.
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Prompt payment code
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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.
Yes
No
No