| 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 2019 - 31 Dec 2019 | 22 Jan 2020 | 20 | 90% | 4% | 6% | 14% |
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 is a holding entity within the Lloyd's Register group, registered as an activities-of-holding-companies business. The wider group, trading as Lloyd's Register or LR, is described as an international marine shipping classification, ship design, energy transition advisory, compliance and consultancy services provider. It offers classification and certification, statutory compliance, advisory and digital solutions across maritime segments including bulk carriers, tankers, gas carriers, cruise ships and naval vessels, as well as energy sector operations such as port and offshore projects. The group also provides maritime training and fuel quality insight services. This registered company itself functions as a group holding vehicle rather than the operating trading business.
Generated from the company's website and Companies House records. Sources: lr.org