CANTERBURY OF NEW ZEALAND LIMITED
Company number: 06931046
1 January 2020
to 30 June 2020
This report was filed on 27 July 2020
and approved by Katrina Nurse
Average time taken to pay invoices: 22 days
- within 30 days: 86%
- in 31 to 60 days: 11%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 68 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
We usually work to our suppliers' payment terms. In absence of formal terms we will apply 30 days.
Were there any changes to the standard payment terms in the reporting period?
To manage the outbreak of COVID-19 there has been a shift to monthly payment runs for the
majority of invoices, whilst trying to ensure most suppliers are still paid to terms.
Were suppliers notified or consulted about these changes before they were made?
Yes – Discussions held with key suppliers
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
In the event of a dispute, the supplier would contact our AP department or their lead contact in our
business. We would determine if a late payment was a result of administrative error, or dispute over the
services. Where the late payment was administrative, we would request immediate payment from the
AP team. Where there was a clear dispute over performance of the contract, we would agree a
remediation/correction plan with our supplier. In the unlikely event that no agreement is reached with
the supplier we would involve our internal and external legal consultants over any expected litigation
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?