MOTOR INSURERS' BUREAU
Company number: 00412787
1 January 2018
to 30 June 2018
This report was filed on 18 July 2018
and approved by Tony Sherman
Average time taken to pay invoices: 3 days
- within 30 days: 100%
- in 31 to 60 days: 0%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 0 %
Standard payment period for qualifying contracts
Standard payment terms
30 days following the receipt of a valid invoice
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
If a supplier has a dispute or complaint then they can raise it with us through our dispute resolution procedure which we set out in our contracts. This procedure would start with the supplier notifying us of the dispute or complaint and then the parties will attempt in good faith to negotiate a settlement within 30 days. This can involve escalation of the dispute to the Finance Director (or equivalent) of each party. If the dispute cannot be resolved then the procedure allows the supplier to take the dispute to arbitration under the London Court of International Arbitration procedural rules and the decision of the arbitrator shall be final and binding on the parties.
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.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?