FIRST CENTRAL INSURANCE MANAGEMENT LIMITED
Company number: 06489797
Reporting period:
1 January 2020 to 30 June 2020
Report filed on:
30 July 2020
Approved by:
John Kennedy
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 93%
- in 31 to 60 days: 5%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 41%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
First Central Insurance Management Ltd standard payment terms is in line with Supplier payment terms. We process Supplier payments on a weekly basis. When payment terms are not set out by the Supplier the Company will follow a standard payment term of 30 days.
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
All invoices received from a Supplier follow an expense approval process for payment in line with the Company's Delegate Authority limit. In case of a dispute relating to the expense/invoice, the Company would take the action to make contact with the relevant Supplier to discuss the query to avoid delay in payments as set out in the payment terms fromthe Supplier. The Company's aim is to resolve any queries efficiently and as a matter of urgency.
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