FEDERAL-MOGUL LIMITED
Company number: 00163992
Reporting period:
1 January 2023 to 30 June 2023
Report filed on:
21 July 2023
Approved by:
Farkrah Shujaat
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 46%
- in 31 to 60 days: 20%
- in 61 days or more: 34%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 55%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
94 days
Standard payment terms
The standard payment terms are either 60 days from the date of the invoice or 2nd working day of the month following 80 days after invoice date, depending on the particular site.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
94 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
The primary contact for a supplier whose invoice is subject to dispute is a member of the Account Payable Team. Any issue that they are unable to resolve is then referred to the site controller for final resolution.
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.
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