AB WORLD FOODS LIMITED

The standard payment terms are 30 days from invoice date for UK businesses with less than 50 employees and 60 days from date of invoice for any other suppliers. However there are non-standard terms agreed with suppliers which range from pro-forma to 90 days depending on the supplier and the type of goods and services purchased.

Our payment statistics to UK suppliers are 96% of all invoices are paid <=60 days.

Payment for the majority of our suppliers is via a weekly BACs payment run and we ensure the timing allows many of our suppliers to receive payment upto 8 days before payment due date.

We continually strive to improve our payment practices and are currently in the process of automating significant processes to allow faster invoice processing, approval and payment.

Payment terms are negotiated depending on the type of supplier and the type of goods or services purchased. For example whether the purchase is trade goods or non-trade goods/services.

For disputes relating to payment, the procurement team will liaise with the supplier to resolve any disputes relating to pricing, quantity or quality issues as soon as a query is raised. In the case of pricing issues, prices will be checked to the original contract or agreed price list. All efforts are made to resolve all issues within 30 days and ideally before payment is due. We request that all suppliers provide Purchase Orders with invoices because without this delays in payment will occur.