| 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 2018 - 31 Dec 2018 | 30 Jan 2019 | 16 | 64% | 29% | 7% | 0% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 4 | 80% | 10% | 10% | 0% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Suppliers are paid within 60 days from receipt of a correctly prepared and adequately supported invoice, unless the transaction relates to an industry standard contract. In the Shipping industry freight is customarily paid promptly after discharge. Intercompany invoices meeting the minimum payable balance per company policy are settled on the 25th of the following month. Intercompany invoices not meeting the minimum payable balance per company policy are paid twice a year in March and September.
Were there any changes to the standard payment terms in the reporting period?
From 1st January 2018, the company moved to 60 day payment terms as standard for qualifying contracts formulated by company Supply Chain Management.
Any other information about payment terms
Freight is settled upon completion of the contract which is the industry standard. Non- voyage services related invoices are settled in line with payment terms agreed as part of each individual contract.
Maximum contractual payment period agreed
60
The company has an online portal https://cips.chevron.com for contractors to submit invoice queries and obtain payment remittance advices. The Supplier Relations team will verify reasons for non-payment and escalate to the Accounts Payable team if not able to resolve the query through this means. Alternatively, for contracts not operated via the portal, disputes are investigated by the Accounts Payable team who communicate with the vendors via email or phone until resolution is reached.
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.
❌
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.
❌
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.
❌
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
CHEVRON MARINE LIMITED is a dissolved private limited company, incorporated on 24 October 2002, based in the London region. Registered business activity: Sea and coastal freight water transport.
From Companies House records.