JLT SPECIALTY LIMITED
Company number: 01536540
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
29 July 2019
Approved by:
Phil Goodings
Payment statistics
Average time taken to pay invoices: 11 days
Invoices paid:
- within 30 days: 99%
- in 31 to 60 days: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 38%
Payment terms
Shortest standard payment periods
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
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
No further comment provided
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 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