TECHNIP UK LIMITED
Company number: 00200086
Reporting period:
1 January 2024 to
30 June 2024
This report was filed on 1 August 2024
and approved by Helen Urquhart
Payment statistics
Average time taken to pay invoices: 73 days
Invoices paid:
- within 30 days: 17%
- in 31 to 60 days: 29%
- in 61 days or more: 54%
Invoices due but not paid within agreed terms: 32%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
90 days
Standard payment terms
Unless otherwise specified in the purchase order or agreed by contract all payments shall be made electronically within 90 days after the end of the month in which a correct, fully documented, and approved invoice that satisfies the requirements in this Article was received.
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
90 days
No further comment provided
Any other information about payment terms
N/A
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 mostly managed through an Account Payable Helpdesk email system or may be initiated by telephone. Any enquiries regarding payment that cannot be answered directly will be referred 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 Purchaser fails to pay any amount due and payable hereunder by the stipulated date, Supplier shall notify Purchaser of such failure. In the event Purchaser fails to pay or otherwise dispute such amount within 30 Days after receipt of such notice, and as sole remedy for delay in payment of any such undisputed invoice, Supplier may be entitled to interest on the amount not properly paid when due from the day on which payment was due until such amount is paid in full. The rate of interest shall be the WSJ Prime Rate in force on the due date of payment, less 3%..” Resolution of disputes Amicable settlement of disputes is in the Parties’ mutual best interests. Each Party agrees to promptly notify the other of any dispute arising under the Agreement and to engage in good faith consultation between (i) Purchaser’s applicable Senior Category Manager or Regional Procurement Office Director on the one side and (ii) Supplier’s equivalent representative(s) on the other side to expeditiously resolve such dispute, in particular to safeguard the delivery to Purchaser's needs. If such consultation does not resolve the dispute within 60 Days from notification thereof, the Parties agree to escalate the dispute to good faith consultation between their respective General Managers (or equivalent). If the Parties fail to resolve the dispute via escalation within 60 Days from submission to the respective General Managers, the dispute may be referred to, and finally resolved by arbitration under the Rules of Arbitration of the International Chamber of Commerce, which are deemed incorporated by reference into this Article 29, in London, England. The arbitrators’ decision is considered as a final and binding resolution between the Parties.
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.
Yes
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.
Yes
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