KELLOGG BROWN & ROOT LIMITED

Company number: 00645125

Reporting period:
1 July 2022 to 31 December 2022

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

This report was filed on 8 February 2023

and approved by Michael Daly

Payment statistics

Average time taken to pay invoices: 16 days

Invoices paid:

within 30 days: 89%
in 31 to 60 days: 9%
in 61 days or more: 2%

Invoices due but not paid within agreed terms: 30%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

Answer not provided

Standard payment terms

2. Description of payment practices. The Company has two main ways of paying its vendors: via electronic payments from its bank accounts and by using business AMEX and Bank of America cards. i. The business’ standard payment terms: a. The standard contractual length of time for payment of invoices. The Company does not have standard terms, every project / client has different requirements, so the terms are agreed at the time of placing an order / sub- contract. The most frequent used payment terms are 30 days, 14 days and zero (where paid against pre agreed payment milestones) The most common terms of payment for the contracts where invoices are paid by bank transfers have the length of time of payment of invoices of 30 days (approximately 2/3 of all such payments). The Company uses other terms of payments, such as: -invoices payable immediately (where paid against agreed payment milestones); - invoices payable in 45 days; - invoices payable in 60 days. Payments made using AMEX cards are either prepayments or immediate payments upon receipt of an invoice, on average within 2.8 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

b. Maximum contractual payment period and any changes to the standard payment terms in the reporting period. The maximum contractual payment period in the reporting period was 60 days. There are no standard payment terms, these are agreed at time of placing contract. If for any reason there are any contractual changes, the proposed changes are consulted with the supplier and agreed before any changes made.

Any other information about payment terms

N/A

Dispute resolution process

ii. The business’ process for resolving disputes related to payment. • For goods, if the invoice has not been presented in the correct format as detailed within the Order it will be returned to the Supplier stating why it has been returned. If this results into a dispute the Supplier will contact the Buyer (details on Order) to resolve issue. • For subcontracts, a Dispute Resolutions clause is included within each contract detailing the agreed process to settle disputes within 30 days. The contract will also include all the relevant contact details as appropriate

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.

Yes, this business has signed up to: Prompt payment code

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?