CORIN LIMITED

Company number: 01910453

Reporting period:
1 January 2018 to 30 June 2018

This information is as reported by the business, and responses are in their own words.

This report was filed on 30 July 2018

and approved by Victoria Silvester

Payment statistics

Average time taken to pay invoices: 60 days

Invoices paid:

within 30 days: 15%
in 31 to 60 days: 47%
in 61 days or more: 38%

Invoices due but not paid within agreed terms: 88%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

119 days

Standard payment terms

The shortest standard payment term is 0 days. This related to recruitment invoices. These are unusual and infrequent standard payment terms. The shortest standard payment terms otherwise is 7 days. The longest standard payment days will vary as some suppliers set their terms from the end of the month. Therefore, depending on the invoice date, depends on the number of days till the end of the month and therefore the overall payment days.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

121 days

The maximum contractual period is 90 days from the end of the month. Asssuming an invoice is dated on the first day of the month, this would give a maximum of 121 days.

Any other information about payment terms

The invoices paid outside of agreed terms of 88% 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 a large 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. In the orthopaedics industry it is common for terms to be 60 days or longer. This explains why 38% of payments are made 60 days or longer from receipt.

Dispute resolution process

First point of contact for disputes in Corin Limited is the purchasing department.They will work with the supplier and relevant department manager to resolve the issue. Once the issue has been resolved, the supplier will need to provide any missing information or a corrected invoice before payment.

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.

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.

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?

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