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 Limited (LR) is a global professional services company that provides engineering, technical, and business assurance services. It was founded in 1760 and is headquartered in London, United Kingdom.
LR's sustainability program focuses on promoting responsible and sustainable practices within the company and its clients. They aim to reduce their environmental impact, promote diversity and inclusion, and support local communities. LR also offers sustainability services to help clients meet their environmental and social responsibilities.
LR's products and services include risk management, certification, inspection, and consulting services. They serve a wide range of industries such as marine, energy, transportation, and food and beverage.
The key people at LR include Chairman and CEO, Alastair Marsh and Chief Operating Officer, Nick Brown. They lead a team of over 6,000 employees globally.
LR's registered office address is 71 Fenchurch Street, London, EC3M 4BS, United Kingdom. Their website address is www.lr.org where customers can find more information about their services and contact details.
In summary, Lloyd's Register Group Limited is a leading professional services company with a strong focus on sustainability. They provide a wide range of services to various industries and are led by a dedicated and experienced team. Their commitment to sustainability makes them a trusted partner for businesses looking to make responsible and ethical decisions.