STRYKER UK LIMITED

Company number: 03669454

Reporting period:
1 January 2020 to 30 June 2020

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This report was filed on 27 July 2020

and approved by Mr Robert Mills

Payment statistics

Average time taken to pay invoices: 39 days

Invoices paid:

• within 30 days: 36%
• in 31 to 60 days: 56%
• in 61 days or more: 8%

Invoices due but not paid within agreed terms: 3%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

The Payables policy targets standardized payment terms across Stryker with all third party vendors of 45 days. If payment terms of 45 days are not achievable or accepted by vendor, a discount is required from third party vendors to pay before 45 days. Intercompany invoices represent 96% of invoice volume and are paid on 30 day terms.

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

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Suppliers can contact Stryker's dedicated accounts payable team. Such contacts would generally seek to deal with any disputes promptly in accordance with terms of the contract.

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.

No

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