BEAZLEY MANAGEMENT LIMITED
Company number: 05016918
Reporting period:
1 January 2022 to 30 June 2022
Report filed on:
26 July 2022
Approved by:
Sally Lake
Payment statistics
Average time taken to pay invoices: 22 days
Invoices paid:
- within 30 days: 84%
- in 31 to 60 days: 11%
- in 61 days or more: 5%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 20%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
30 days
Standard payment terms
These payment terms are not published on our website. Our payment terms are generally 30 days from invoice tax point based on the timely submission of satisfactory invoices. Payment terms are negotiated according to the context of the services / software or goods being purchased based on risk, discount and / or commercial factors. The payment terms are reviewed as part of the overall contract review and will form part of the negotiation process with input from the business stakeholders as well as legal and commercial. Some of our suppliers will submit invoices on their own payment terms which may differ from ours. Where a supplier's payment terms are less than our standard net 30 days, we use our best endeavours to pay such invoices according to that supplier's terms.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
120 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
Beazley’s Commercial Management team deals with disputes about payments by working with the Contract Owner of the commodity who is responsible to resolve the complaint. Generally, the standard terms and conditions for each supplier agreement outlines dispute resolution provisions which dictate the manner and timeline in which a complaint needs to be resolved. Commercial Management maintains the log of complaints and all are reported by them in its annual update to the Operations Committee.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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.
No
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.
No
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No