Company number: 05104448
and approved by Paul Grover
Average time taken to pay invoices: 35 days
Invoices paid:
Invoices due but not paid within agreed terms: 8%
30 days
71 days
International Procurement and Logistics Limited ('IPL')’s standard contractual payment terms state that IPL will pay each correct invoice on its next weekly payment run following 30 days after the later of receipt of goods and receipt of invoice (for goods for resale suppliers), on its next weekly payment run following 60 days after receipt of invoice (for goods not for resale suppliers) or 30 days (cash in bank) after receipt of invoice for small suppliers. In certain specific circumstances, IPL may agree to shorter and longer payment terms with its suppliers as part of an overall commercial agreement.
During the reporting period IPL changed its standard payment terms for all goods for resale suppliers (other than produce) to the next weekly payment run following 30 days after the later of receipt of goods and receipt of invoice (rather than 30 days after date of invoice). These standard payment terms already applied to IPL’s produce goods for resale suppliers following an amendment to their standard payment terms in the first reporting period of 2020. A minor change has also been made to IPL's standard payment terms for goods not for resale suppliers to provide that the payment terms run from the date of receipt of invoice (rather than the date of invoice). Suppliers were not notified of these changes as they remain on their current terms until their contracts expire.
N/A
71 days
No further comment provided
Within IPL’s standard contractual terms, IPL may set off monies payable to a supplier against any monies owed to IPL by the same supplier. Although no changes have been made to the relevant suppliers’ contractual payment terms, during the COVID-19 crisis IPL has invested in supporting its small suppliers by paying them on IPL’s next weekly payment run following the relevant invoice being cleared. IPL has also supported individual suppliers to accelerate payment of invoices to facilitate continuity of supply.
If an IPL supplier raises a query in respect of an outstanding invoice, payment or deduction, in the first instance it is handled by the Accounts Payable team through a clear query process. If necessary the Accounts Payable team will refer to other business areas within IPL to resolve the enquiry. If the matter remains unresolved within the target turnaround time it is escalated to senior leadership.
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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No