MOTOR INSURERS' BUREAU
Company number: 00412787
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
21 January 2021
Approved by:
Rajeev Arya
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 68%
- in 31 to 60 days: 14%
- in 61 days or more: 18%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 32%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
30 days
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?
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
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 Chief Finance Officer (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 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