BAKER HUGHES LIMITED
Company number: 01388658
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
30 July 2018
Approved by:
Blair McLeish
Payment statistics
Average time taken to pay invoices: 47 days
Invoices paid:
- within 30 days: 29%
- in 31 to 60 days: 40%
- in 61 days or more: 31%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 70%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
120 days
Standard payment terms
Standard payment terms used by Baker Hughes Limited are 120 days, calculated from the date of reception of the invoice.
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
120 days
No further comment provided
Any other information about payment terms
The 70 % of invoices due not paid within agreed terms quoted is distorted by the high percentage (39% of total not paid within agreed terms) of invoices set up with 0 days payment terms which is a reflection of the management’s decision to pay on the next available payment run rather than being able to pay in zero days.
Dispute resolution process
Complaints from suppliers about payment should be submitted to APServices@BakerHughes.com, where the dedicated team will manage the disputes ensuring they are resolved by discussion and agreement with the supplier. In addition, Baker Hughes Vendor Portal enables companies who supply Baker Hughes with goods or services to view invoice status over the internet, upon registration. This provides suppliers with the flexibility to securely check the status of invoices and remittance advice in the Baker Hughes accounting system anytime.
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.
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