INTERNATIONAL PROCUREMENT AND LOGISTICS LIMITED

Company number: 05104448

Reporting period:
30 June 2018 to 28 December 2018

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

This report was filed on 18 January 2019

and approved by James Fasey

Payment statistics

Average time taken to pay invoices: 40 days

Invoices paid:

within 30 days: 29%
in 31 to 60 days: 63%
in 61 days or more: 8%

Invoices due but not paid within agreed terms: 6%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

71 days

Standard payment terms

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 receipt of goods (for produce suppliers), 30 days (cash in bank) after the date of invoice (for small suppliers, including small produce suppliers) or on its next weekly payment run following 60 days after the date of invoice (for the majority of IPL’s other suppliers). In certain specific circumstances, IPL may agree to shorter and longer payment terms with its suppliers as part of an overall commercial agreement.

Were there any changes to the standard payment terms in the reporting period?

In October 2018 IPL introduced new standard payment terms of 30 days cash in bank from the date of invoice for new small GFR (goods for resale) and for new and existing small GNFR (goods not for resale) suppliers.

Were suppliers notified or consulted about these changes before they were made?

IPL notified its existing GNFR suppliers of this change before it came into effect. Those suppliers’ previous payment terms were on the next weekly payment run following 60 days after the date of invoice. Existing small GFR suppliers were not notified of this change as they remain on their current terms until their contracts expire.

Maximum contractual payment period agreed

71 days

No further comment provided

Any other information about payment terms

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.

Dispute resolution process

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.

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.

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?