SUMITOMO CORPORATION EUROPE LIMITED
Company number: 01885117
Reporting period:
1 April 2024 to 30 September 2024
Report filed on:
29 October 2024
Approved by:
Tatsuro Tamura
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 70%
- in 31 to 60 days: 22%
- in 61 days or more: 8%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 39%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
Our most frequently used payment term is 30 days after invoice date. We use various services providers and vendors for purchase of goods and the payment terms vary from Immediate to 60 days. Payment terms are agreed in service agreement and/or indicated on the 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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Payment disputes are dealt with in accordance with the terms of the relevant contract. The business contact is responsible for confirming that the good / service delivered is of the required quality before payment is actioned. Invoice disputes are addressed with the suppliers directly by the business contact. In the event that the dispute remains unresolved, it will be escalated to a relevant corporate department accordingly.
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