GENESIS OIL & GAS CONSULTANTS LIMITED
Company number: 02921834
Reporting period:
1 July 2023 to 31 December 2023
Report filed on:
31 January 2024
Approved by:
Sajid Sait
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 94%
- in 31 to 60 days: 4%
- in 61 days or more: 2%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 7%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
30 days
Standard payment terms
Unless otherwise specified in the purchase order or agreed by contract all payments shall be made electronically within 30 days of receipt of a supplier's correctly prepared and properly substantiated invoice.
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 further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Invoices and payments are managed by the Accounts Payable team. Any received without a valid purchase order reference will be returned to the supplier. Invoice payment enquires are managed through an Account Payable Helpdesk email system, but most are initiated by telephone. Any enquiries regarding payment that cannot be answered directly will be referred by the AP team to the relevant buyer or requestor in the company to answer or take follow up action to resolve. Standard subcontract terms and conditions on disputes Terms of payment If Genesis disputes any invoice in whole or in part, it shall advise SUPPLIER of the amount(s) in dispute and shall instruct SUPPLIER to issue a credit note for the said amount. Genesis shall then pay the balance within agreed terms, once the respective credit note has been received. Resolution of disputes Any dispute between Genesis and the supplier in connection with or arising out of this CONTRACT or SERVICES shall be resolved by means of the following procedures: a. the dispute shall initially be referred to the relevant Genesis buyer and SUPPLIER’S representative, who shall discuss the matter in dispute and make all reasonable efforts to reach an agreement. b. If no agreement is reached under (a) above the dispute shall be referred to the Managing Directors of Genesis and the supplier. Any dispute which cannot be settled amicably shall be referred to the exclusive jurisdiction of England. However the performance of the Contractor’s contractual obligations shall not be suspended pending settlement of disputes
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