This information is as reported by the business, and responses are in their own words.
Standard payment terms
LRs approach is to negotiate standard terms of 30 days where possible
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
If a supplier disputes we fully investigate the points raised and work with them to resolve. Normally the Central mailbox is emailed to and if no resolution an LR contact is spoken to for escalating to the AP team lead or manager
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
Lloyd's Register Group Services Limited is a global professional services organization that provides risk management and quality assurance solutions to a variety of industries, including marine, energy, and transportation. The company was founded in 1760 and is headquartered in London, United Kingdom.
The company offers a wide range of services, including classification, certification, inspection, and technical consulting, to help clients ensure the safety, reliability, and sustainability of their operations and products. This includes assessing compliance with international standards and regulations, as well as providing training and education programs to promote best practices.
As part of their commitment to sustainability, Lloyd's Register Group Services Limited has implemented a sustainability program that focuses on reducing their environmental impact, promoting ethical business practices, and supporting the development of sustainable solutions for their clients. This includes initiatives such as reducing carbon emissions, promoting diversity and inclusion, and partnering with organizations to address global sustainability challenges.
The company's key people include its Chairman, Thomas Thune Andersen, and CEO, Alastair Marsh. They lead a team of over 8,000 employees in more than 70 countries, providing services to clients around the world.
To learn more about Lloyd's Register Group Services Limited and their services, interested parties can visit their website at www.lr.org. The company's registered office address is 71 Fenchurch Street, London, EC3M 4BS, United Kingdom.