Supplier payment terms
Reed Business Information Limited
Global invoicing requirements and payment terms
Prompt Payment Code
Reed Business Information Limited (‘RBI’) supports the Prompt Payment Code administered in the UK by the Institute of Credit Management for BIS, the Business Innovation and Skills department of the British government.
Default Payment Terms
Except where different payment terms have been agreed in writing with a Supplier, RBI will pay authorised invoices which comply with these requirements on a “net monthly basis”. This means that invoices will be paid in the first available payment run following the end of the month after the month in which the invoice is dated (i.e.: an invoice dated in August would be paid in early October). Payments made direct to bank accounts will be made to the bank account details held by RBI for the supplier.
- Terms and conditions containing payment terms or other terms submitted by a supplier printed on an invoice or on a separate document will not supersede the Default Payment Terms unless an authorised representative of RBI who is entitled to make such an agreement has agreed to those terms in writing evidenced by a signature.
- These requirements are in addition to any other conditions contained in any separate agreement between a supplier and RBI which have to be fulfilled prior to payment (for example requirements relating to delivery and acceptance of materials).
To ensure prompt payment and reduce the risk of invoice rejections.
- The invoice must be in English, addressed to Reed Business Information Limited and sent to the correct address: Accounts Payable, Quadrant House, The Quadrant, Sutton, Surrey, SM2 5AS
- Purchase Order numbers and a valid RBI contact name must be quoted clearly on the front page of the invoice
- Invoices must mirror the Purchase Order (i.e. state the goods and services in a similar format – quantity, price per unit, total price per line)
- Suppliers must provide RBI with changes to bank details or addresses for payment no less than 4 weeks before they take effect.
Invoices must include:
- The full name of the legal entity and its registered number (by law for suppliers registered in EU)
- The registered office of the company or an address where any legal documents can be delivered (by law for suppliers registered in the EU)
- Bank details for the legal entity (including sort code, account number, SWIFT and IBAN as applicable)
- a unique identifying invoice number
- the supplier’s VAT registration number (if applicable)
- date of supply of goods or services
- a description sufficient to identify the supply of goods or services
- the quantity of any goods or services with a unit price – excluding VAT
- The rate of VAT per item
- Amount owed without VAT added (where applicable)
- Invoice currency
- If there is a separate agreement between the supplier and RBI relating to the supply of the goods or services to which an invoice relates, disputes relating to the invoice will be treated as a dispute arising under that agreement.
- Where there is no separate agreement the RBI purchasing manager will raise any queries in respect of the supply of the goods or services with the supplier. This typically occurs during the period the supply of goods or services takes place, on receipt of the invoice, or during the period before payment is due.
- RBI uses an electronic workflow to track the majority of its purchase invoices through an authorisation process which provides a clear date audit trail from receipt of invoice through to payment. The system is reviewed periodically for unauthorised invoices which have exceeded the RBI Default Payment Terms.
- If a dispute or query remains in relation to an invoice beyond the later of, the expiry of the payment terms period or the provision of services, the supplier may issue a credit note for the entire invoice and re-invoice for the undisputed part separately and will notify RBI accordingly. This should be in the form of an email to APqueries@rbi.co.uk and the RBI purchasing manager who will need to approve the revised invoice for the undisputed part. RBI will then process and pay the new undisputed invoice in accordance with the original payment terms.
- RBI reserves the right to withhold payment of disputed amounts pending resolution. Both the supplier and RBI shall endeavour to settle at the earliest possible date any invoicing matters in dispute. The supplier can escalate the dispute by emailing APqueries@rbi.co.uk with a copy of invoice and correspondence to date in respect of the dispute and providing an outline of the issues. Accounts Payable will escalate the information within the organisation to facilitate the resolution where possible.