IBSTOCK BRICK LIMITED

Standard payment terms

The majority of the Company’s purchases are initiated by the individual factories and overseen by the Procurement function. Under the standard terms operated, Ibstock Brick Limited will pay for goods in the payment run which occurs in the first week following a period of 60 days since the receipt of the related invoice. Suppliers can contact Ibstock Brick Limited to negotiate terms which differ from those employed as standard. Payment is dependent upon validated delivery of the goods and the correct invoicing by the Supplier. If Ibstock Brick Limited has not been correctly invoiced by our standard terms’ payment date, payment will be made in the week following receipt of corrected invoicing.

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

No information available

Any other information about payment terms

N/A

Maximum contractual payment period agreed

90

Has this business signed up to a code of conduct or standards on payment practices?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

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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.

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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.

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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?

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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No information available