| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2019 - 31 Dec 2019 | 28 Jan 2020 | 14 | 86% | 14% | 0% | 5% |
| 01 Jan 2019 - 30 Jun 2019 | 24 Jul 2019 | 34 | 55% | 45% | 0% | 8% |
| 01 Jul 2018 - 31 Dec 2018 | 23 Jan 2019 | 22 | 70% | 29% | 1% | 9% |
| 01 Jan 2018 - 30 Jun 2018 | 20 Jul 2018 | 12 | 94% | 4% | 2% | 9% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Each JPMorgan Chase group company’s (JPMC) standard payment terms are “2% 10; net 30”, unless different terms are negotiated under contract or mandated by law in a particular country, meaning JPMC pays undisputed amounts within 30 days from receipt of an accurate invoice and may take a two percent discount off any amounts due under an accurate invoices as long as it pays within 10 business days from receipt. JPMC’s standard form contract typically used for higher risk engagements has standard payment terms of 2% 10; net 30 (as above). JPMC’s standard form contracts typically used for lower/minimal risk engagements have standard payment terms of 45 days after receipt of a correct invoice. JPMC’s standard purchase order terms and conditions typically used for minimal risk engagements have standard payment terms of 2% 10; net 60. JPMC’s standard terms and conditions used for engaging law firms has payment terms stating that JPMC will use its best endeavours to process, review, audit and pay invoices as soon as possible.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
The entry for “Enter your shortest (or only) standard payment period in days” has been given as zero because one of JPMC’s standard form contracts states that JPMC will use its best endeavours to process, review, audit and pay invoices as soon as possible.
Maximum contractual payment period agreed
60
A qualifying contract may set out a dispute resolution process. The sophistication of this process depends on the risk rating and therefore complexity of the contract, with contracts used for higher risk engagements containing a multi-tiered (or escalation) dispute resolution clause. Practically, and even in the absence of an escalation/dispute resolution clause in a qualifying contract, an internal escalation process is followed which is materially consistent, as regards JPMC, with a multi-tiered contractual clause.
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
J.P. Morgan Limited is a UK-registered company, incorporated in 1930, classified under Companies House as a holding company (activities of other holding companies). It forms part of the wider J.P. Morgan and JPMorgan Chase corporate group, which operates globally across commercial banking, investment banking, markets, asset and wealth management, securities services and payments. The group describes itself as a global financial services firm serving corporate, institutional and individual clients, offering credit, financing, treasury, payment and investment solutions. As a holding entity within this structure, J.P. Morgan Limited itself does not directly trade with customers but sits within the corporate group whose operating businesses deliver these financial services worldwide, including from its registered office in London.
Generated from the company's website and Companies House records. Sources: jpmorgan.com · jpmorgan.com