IBC VEHICLES LIMITED

Standard payment terms

The Company pays its intra-group supplier of vehicles and spare parts no earlier than 47 days (standard payment term) following the date of invoice via a weekly payment run, therefore payment may occur up to four working days after the due date. The Company’s standard third party supplier payment terms are net monthly and invoices are settled at the end of the month immediately following the month issued. This gives a minimum payment period of 30 days, a maximum of 60 days and an average of 59 days. Alternative payment terms may be negotiated on a case by case basis during contract negotiations.

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

60

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