Company number: SC173199
and approved by Richard Henderson
Average time taken to pay invoices: 24 days
Invoices paid:
Invoices due but not paid within agreed terms: 11%
7 days
45 days
Invoices will be paid under the Contract within either 7 days (if the Supplier is a Small Supplier i.e. spend of <£100k p.a.) or 45 days (if the Supplier is a Larger Supplier i.e. spend >£100k p.a.) of receipt in the Accounts Payable Mailbox (TPFPurchase.Ledger@tescobank.com), or if hard copy by post, from the date received in Accounts Payable department, of an invoice which quotes the Purchase Order number.
Updated due to changing the definition of small supplier from <£250k annual spend to <£100k of annual spend
Updated through Email notifications
45 days
N/A
N/A
Contracts with suppliers contain dispute resolution clauses bespoke to each of our supplier relationships, which should be followed. Alternatively, where, no contract exists, the Requisitioners named on the Purchase Order should be contacted, and the dispute will be progressed through the appropriate channel
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