LUBRIZOL LIMITED
Company number: 00775276
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
28 January 2025
Approved by:
John Heath
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 52%
- in 31 to 60 days: 42%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 30%
Payment terms
Shortest standard payment periods
45 days
Longest standard payment period
60 days
Standard payment terms
Lubrizol Limited standard payment terms for purchases of goods and services are net 45 days from the date of invoice.
Were there any changes to the standard payment terms in the reporting period?
Standard terms have moved from End of month following month of invoice' to 'net 45' this has moved from an average of 45 days to a standard of 45 days
Were suppliers notified or consulted about these changes before they were made?
Any change to a suppliers payment terms would be notified in writing ahead of the change. Most new suppliers are set up with the new terms and consulted as part of the tendering process.
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Any dispute will involve ascertaining the facts and primary issue, the implementing a resolution that is mutually acceptable, if required.
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.
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.
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