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JLT MANAGEMENT SERVICES LIMITED

Company number: 01787359

Reporting period:
1 January 2019 to 30 June 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 29 July 2019

and approved by Graham Hurrell

Payment statistics

Average time taken to pay invoices: 11 days

Invoices paid:

• within 30 days: 99%
• in 31 to 60 days: 1%
• in 61 days or more: 0%

Invoices due but not paid within agreed terms: 32 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

30 days

Standard payment terms

The company’s standard payment term for payment of invoices is 30 days, although this can vary if a different payment term is agreed with a 3rd party.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

30 days

Any other information about payment terms

N/A

Dispute resolution process

The company uses supplier terms as well as our own to define any dispute resolution process so consequently they may differ from contract to contract. The process may involve a number of levels of peer to peer escalation starting with business and relationship managers through to commercial and contract managers and finally senior management executives depending on how quickly resolution is achieved. If disputes cannot be resolved internally then both parties may need to utilise the services of a third party arbitrator. The key to resolving disputes should be that they are raised in a timely manner and if not resolved within the agreed timeframe are escalated to the next level with the view of resolving any disputes quickly and settling invoices as soon as possible.

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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No

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