Diamond Resorts (Europe) Limited pays suppliers in 30 days on average — right on its stated terms

Standard payment terms

In order to effect a payment to any supplier, a Vendor Supplier request form must be completed. This form includes the details of the supplier, the type of services /goods being supplied, the supplier’s bank account details and the supplier’s contact details and remittance address. Amongst other things, payment terms must also be selected. The standard contractual length of time for payment of invoices is 30 days from receipt of the invoice, and this standard has been in place for many years. The form makes it clear that the standard payment terms are 30 days and the box is auto- ticked. If payment is to deviate from the standard 30 days payment schedule, a “Deviate from 30 days” box must be ticked and an explanation must be provided as to why a deviation from the standard is required.

Dispute resolution

Any disputes in relation to unpaid invoices are referred in the first instance to the Purchase Ledger Supervisor who is based in the accounts department at the Company’s registered offices. If payment has been overlooked (perhaps because an invoice has not been passed to the Purchase Ledger Supervisor for inputting onto Accounts Payable) the Purchase Ledger Supervisor will contact the relevant department responsible for engaging the services of the supplier in order for the invoice to be approved. Payment will then be expedited. Any disputed payments are referred back to the relevant department with a view to them resolving the dispute directly with the supplier. Contact with the supplier will usually be made within 5-10 business days of receiving a complaint or enquiry. The Company does n