Score of 90.1/100 qualifies for PaymentCheck Certification
| 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 2025 - 31 Dec 2025 | 20 Jan 2026 | 28 | 92% | 7% | 1% | 0% |
| 01 Jan 2025 - 30 Jun 2025 | 25 Jul 2025 | 28 | 90% | 9% | 1% | 10% |
| 01 Jul 2024 - 31 Dec 2024 | 23 Jan 2025 | 28 | 88% | 11% | 1% | 12% |
| 01 Jan 2024 - 30 Jun 2024 | 16 Jul 2024 | 28 | 93% | 6% | 1% | 7% |
| 01 Jul 2023 - 31 Dec 2023 | 23 Jan 2024 | 27 | 93% | 6% | 1% | 7% |
| 01 Jan 2023 - 30 Jun 2023 | 13 Jul 2023 | 28 | 93% | 6% | 1% | 7% |
| 01 Jul 2022 - 31 Dec 2022 | 24 Jan 2023 | 28 | 91% | 8% | 1% | 9% |
| 01 Jan 2022 - 30 Jun 2022 | 20 Jul 2022 | 29 | 91% | 8% | 1% | 9% |
| 01 Jul 2021 - 31 Dec 2021 | 14 Jan 2022 | 28 | 92% | 7% | 1% | 8% |
| 01 Jan 2021 - 30 Jun 2021 | 21 Jul 2021 | 28 | 89% | 10% | 1% | 11% |
| 01 Jul 2020 - 31 Dec 2020 | 25 Jan 2021 | 29 | 85% | 13% | 2% | 15% |
| 01 Jan 2020 - 30 Jun 2020 | 17 Jul 2020 | 30 | 80% | 18% | 2% | 20% |
| 01 Jul 2019 - 31 Dec 2019 | 28 Jan 2020 | 29 | 86% | 13% | 1% | 14% |
| 01 Jan 2019 - 30 Jun 2019 | 23 Jul 2019 | 27 | 87% | 12% | 1% | 13% |
| 01 Jul 2018 - 31 Dec 2018 | 24 Jan 2019 | 28 | 75% | 24% | 1% | 25% |
| 01 Jan 2018 - 30 Jun 2018 | 24 Jul 2018 | 27 | 77% | 22% | 1% | 23% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
When approving payments, the following process applies, although site specific requirement can vary the exact process: Automated Invoice received and matched to PO. Automated workflow will present to invoice approver. System will continue to prompt approver until approved or rejected. In the event of a discrepancy, invoice is presented to the buyer to resolve. Manual Where the buyer manually received an invoice for approval; buyer verifies the accuracy of the associated invoice and deliverables due/received. Buyer processes invoice in accordance with manual payment process as either approved or rejected. Discrepancies are dealt with at point of validation of invoice accuracy.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
60
In the event that the invoice is incorrect the buyer shall contact the supplier to discuss and agree a correction. The invoice is then rejected and returned as unpaid to the supplier. A new invoice and or credit note will then need to be issued by the supplier. If a suitable resolution cannot be agreed between the buyer and supplier, then either party can resort to the dispute resolution language in the agreed contract terms and conditions.
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
LOCKHEED MARTIN UK LIMITED is an active private limited company, incorporated on 17 April 1989, based in the South East region. Registered business activity: Other professional, scientific and technical activities not elsewhere classified.
From Companies House records.