CHEVRON NORTH SEA LIMITED
Company number: 01546623
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
13 July 2018
Approved by:
Roderick T Green
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 92%
- in 31 to 60 days: 6%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 1%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
Suppliers are paid within 60 days from receipt of a correctly prepared and adequately supported invoice. Intercompany invoices are due on 25th day of each month subject to a minimum payable balance. Those not meeting the threshold will be paid twice a year in March and September.
Were there any changes to the standard payment terms in the reporting period?
From 1st Jan 2018, company moved to 60-day payment terms as standard for qualifying contracts formulated by Company Supply Chain Management
Were suppliers notified or consulted about these changes before they were made?
No formal announcement made but introduced during execution of contracting activities and negotiations
Maximum contractual payment period agreed
60 days
Each contract will be negotiated on its own merits but 60 days is the standard. Intercompany invoices are paid by 25th of following month subject to meeting the required threshold.
Any other information about payment terms
No further comment provided
Dispute resolution process
The company has an online portal for contractors to submit invoice queries and obtain payment remittance advice. The supplier relations team will verify reasons for non-payment and escalate to the accounts payable team if not able to resolve the query through this means.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Oil & Gas UK (OGUK) / Oil & Gas Authority (OGA) Supply Chain Code of Practice
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.
No
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No