Commitment to Timely Payments

As a startup, we recognize our obligation and commercial interest in paying our supply chain partners promptly within agreed terms. A robust payment approach ensures service continuity across the supply chain, encouraging suppliers to continue providing goods and services. This environment supports scalable business growth and uninterrupted revenue.

Current Payment Practices

We pay undisputed invoices upon receipt of goods/services and when due. For disputed invoices, we reserve the right to part-pay the undisputed amount while resolving the disputes. For future supplier in UK.

Action Plan

To prevent causes of delays, we are implementing the following actions:

1. Small supply chain actors per project**:**
   • Cause: A large number of supply chain actors may lead to delays.
   • Action: Limit supply chain actors to a reduced number. E. g. Up to 10 per project.
2. Incorrect Reporting Data:
   • Cause: Inaccurate data collection algorithms lead to non-compliant reporting statistics.
   • Action: Adjust data collection methods to ensure compliance, improving our 30-day payment metrics.
3. Invoice Routing:
   • Cause: Invoices sent to the wrong email.
   • Action: Implementing Weem for centralization automatic billing and invoicing. But also SAP or Coupa if the supplier has an account. Payments are also automatized.
4. Missing PO Numbers:
   • Cause: Suppliers failing to provide PO numbers cause payment delays.
   • Action: Remind suppliers via the New Supplier Form to include PO numbers on invoices.
5. Lack of Proof of Delivery:
   • Cause: Suppliers not providing delivery evidence delay PO authorization.
   • Action: Require Proof of Delivery to be emailed with invoices, and remind the Procurement Team to mark POs as received promptly.
6. Other Payment Terms:
   • Cause: Some suppliers have agreed to different terms, affecting our metrics.
   • Action: Exclude these suppliers who agreed to other terms from the reporting metrics but report any invoices unpaid beyond 90 days.
7. Late Invoice:
   • Cause: Payments close to the 30-day mark may sometimes miss the deadline.
   • Action: Ensure all supplier invoices are received by the 26th each month.
8. Incorrect Posting Dates:
   • Cause: Transactions posted with incorrect dates distort payment statistics.
   • Action: This process is automatized. Invoices shall be sent at most on the 25th each month. And will be processed each 26th.
9. Unexpected Cost Increases:
   • Cause: Suppliers increasing costs without prior agreement lead to more disputes.
   • Action: Work with suppliers to anticipate cost increases and agree on them in advance.

Director Approval and Commitment

This plan is approved by the general manager Tomya Mateo, and will be reviewed quarterly. A summary of this plan will be published on our website to demonstrate our commitment to timely payments and transparency.