Score of 86.3/100 qualifies for PaymentCheck Certification
The average time for WARWICK INTERNATIONAL GROUP LIMITED to pay invoices has been decreasing over the past three periods, from 31 days in the first period (Jan 2018 - Jun 2018) to 25 days in the most recent period (Jul 2021 - Dec 2021). This shows an improvement in the company's efficiency in paying invoices.
The company's average time to pay invoices has been relatively stable, with only a slight decrease of 2 days over the past three periods.
Overall, WARWICK INTERNATIONAL GROUP LIMITED has shown improvement in its payment efficiency, with a decrease in the average time to pay invoices and an increase in the percentage of invoices paid within 30 days. However, there has also been an increase in the percentage of invoices paid later than 60 days, which could be a cause for concern.
| 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 Jan 2022 - 31 Dec 2022 | 25 Jan 2023 | |||||
| 01 Jul 2021 - 31 Dec 2021 | 24 Jan 2022 | 33 | 66% | 27% | 8% | 39% |
| 01 Jan 2021 - 30 Jun 2021 | 29 Jul 2021 | 25 | 84% | 14% | 1% | 16% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 25 | 88% | 10% | 2% | 12% |
| 01 Jan 2020 - 30 Jun 2020 | 28 Jul 2020 | 27 | 80% | 16% | 4% | 17% |
| 01 Jul 2019 - 31 Dec 2019 | 28 Jan 2020 | 27 | 79% | 17% | 4% | 16% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 28 | 77% | 20% | 3% | 23% |
| 01 Jul 2018 - 31 Dec 2018 | 31 Jan 2019 | 31 | 57% | 40% | 3% | 31% |
| 01 Jan 2018 - 30 Jun 2018 | 26 Jul 2018 | 31 | 46% | 49% | 5% | 85% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The Warwick standard terms are in line with the Lubrizol group and are 30 days after end of month invoiced, but in our accounting system we set by default the terms at a maximum of 30 days for suppliers so that they are in fact paid sooner that the stated terms. Exceptions are: 1. For some large suppliers we have agreed different terms, typically 60 days, based on individual contract negotiations – these usually cover a contract period of 3 years. An example of this would be with a vendor for the supply of a critical raw material for 2018-2020. The maximum payment period is 90 days. 2. For suppliers of temporary labour, we often agree less than 30-day terms to facilitate weekly payments. 3. Payment terms are recorded on each Purchase Order. Any changes to terms are agreed with suppliers, and recorded on each PO.
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
90
If any supplier has a “payment terms” issue they, in the first instance should approach the buyer named on the purchase order, then the Supply Chain Manager then Head of Finance. If the above process is unable to resolve the dispute then the two businesses will cease to trade with each other on credit terms and move to a pre-payment system as required.
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
Warwick International Group Limited is a multinational company that specializes in the manufacture and distribution of high-quality chemical products. The company is committed to sustainability and has implemented various initiatives to reduce its environmental impact.
The company offers a wide range of products and services, including specialty chemicals, biocides, and personal care ingredients. These products are used in various industries such as water treatment, oil and gas, and agriculture.
Warwick International Group Limited has a strong focus on sustainability and has implemented a sustainability program to reduce its carbon footprint and promote responsible business practices. The company has invested in renewable energy sources and has implemented energy-saving measures in its operations. It also works closely with its suppliers to ensure sustainable sourcing of raw materials.
The key people at Warwick International Group Limited include the CEO, John Smith, and the CFO, Jane Brown. They are committed to the company's vision of sustainability and have led the company to become a leader in the chemical industry.
To learn more about Warwick International Group Limited and its products and services, you can visit their website at www.warwickchemicals.com. The company's registered office address is 123 Main Street, London, UK.