Company number: 01910453
and approved by Victoria Silvester
Average time taken to pay invoices: 53 days
Invoices paid:
Invoices due but not paid within agreed terms: 68%
0 days
119 days
The shortest period being 0 days is due to a legal invoice that is required to be paid as soon as issued. This is an unusual standard payment terms. The shortest otherwise is 7 days The longest payment terms will vary with each report as some suppliers will have a set term from the end of the month. Therefore depending on the date of the invoice will depend on time till the end of the month.
New contracts were discussed and agreed
We are in regular communication with suppliers.
121 days
The maximum contractual period is 90 days from the end of the month. Assuming an invoice is dated on the first of the month this would give a maximum days of 31 totalling 121 days.
The invoices paid outside of agreed terms is impacted by our BACS run procedure. A BACS run is completed at the beginning of each month for all invoices due during the previous month, this means that come number of invoices are shown as paid late, including items late by just 1 day. Our procedure helps to capture invoices monthly in the payment run with a consistent payment pattern for suppliers. The reported period has been affected by exceptional circumstances due to the major global pandemic of COVID-19 which has significantly affected businesses including Corin. Due to the shutdown of elective surgeries in the majority of the world’s markets that Corin operates in, Corin took the decision to close its production site temporarily and us the Job retention scheme in the UK to furlough it’s employees. During this time, transaction processing was slower resulting in a temporary increase in payment terms. Many of the suppliers to Corin were also shut and so the delivery of invoices was also slower. In the second half of the 2020 we expect to return to normal business practices.
The first point of contact for disputes in Corin Limited is the purchasing department. They will work with the supplier and relevant department manager to solve the issue. Once the issues have been resolved, the supplier will need to provide any missing information or a corrected invoice before payment.
For example, signatories to The Prompt 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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No