Company number: 02546087
and approved by Philip Schley
Average time taken to pay invoices: 60 days
Invoices paid:
Invoices due but not paid within agreed terms: 60%
41 days
47 days
The Company’s standard terms and conditions of purchase provide that Joy Global will pay for any goods and services within ten business from the last day of the month following the month in which: a) the goods are received by Joy Global; b) the services are provided to Joy Global; or c) a correct invoice for the goods or services that complies with the provisions of the purchase order is received by Joy Global, whichever is the latest. These terms only apply in the absence of a separately negotiated agreement upon which different payment terms may have been agreed. The Company makes a significant volume of payments to other related group companies, which are included in the calculations. On average the Company takes 55 days to pay third party suppliers.
Answer not provided
N/A
90 days
The reported maximum contractual payment period relates to specifically negotiated contracts or inter-group invoices.
meaning payments are automatically approved for payment if the quantity, price and part number on the invoice match the delivery note and purchase order data. When these elements don’t match further investigation is required to determine why and correct the situation with the supplier, if required, before payment is made. As part of a large multi-national organisation, whose ultimate parent Company is a listed Company, Joy Global UK has additional internal compliance requirements requiring a 2-party invoice approval for certain invoices, typically being service or non-inventory related invoices.
With respect to supplier relationships, we encourage our buying teams to first attempt to resolve disputes commercially. Our buying team seek to deal with any disputes promptly (escalating to management as needed). In the event that the situation remains unresolved, the matter may be further escalated to executive management and/or the Legal Department. Formal legal proceedings are very rare.
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