MEDTRONIC LIMITED

Company number: 01070807

Reporting period:
29 April 2017 to 28 October 2017

This information is as reported by the business, and responses are in their own words.

This report was filed on 7 November 2017

and approved by Mark Elsey

Payment statistics

Average time taken to pay invoices: 25 days

Invoices paid:

within 30 days: 77%
in 31 to 60 days: 20%
in 61 days or more: 3%

Invoices due but not paid within agreed terms: 89%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

Standard contractual terms for goods and services is 60 days. For Healthcare providers the standard contractual terms are 30 days. The maximum contractual period is 60 days.

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

60 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

The main point of contact for disputes is the Medtronic Accounts Payable Shared Services Centre in Prague. When an invoice is disputed, the supplier will receive an automated email indicating the invoice number and reason for rejection. To resolve a dispute, the supplier is required to provide any missing information or a corrected invoice. Medtronic follow a strictly no PO no pay policy. The PO number is communicated by Medtronic's procurement team at the time of placing the order.

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.

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?