EULER HERMES SERVICES UK LIMITED
Company number: 03376459
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
30 July 2018
Approved by:
STEVEN SCOTT
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 96%
- in 31 to 60 days: 3%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 4%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Most of the company’s suppliers insist on using their own standard terms and conditions and the most commonly used payment terms are 30 days from date of invoice. Most commonly, the company will agree to/incorporate payment terms of 30 days from either the date of invoice or date of receipt of invoice. In addition to the other remedies available to the supplier, as a consequence of late payment by Euler Hermes the supplier usually has the right to charge interest, at the daily rate specified in the contract, on the overdue sum from the due date until the date on which payment is made (whether that is before or after judgment).
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
In all cases, the company will ensure that the supplier has a usual contact within the department involved in negotiating the contract in question, who will act as the first point of contact for all matters and issues that arise in connection with the contract. For contracts with key suppliers, the company incorporates a staged escalation procedure for the resolution of disputes between the parties before any litigation or other alternative dispute resolution procedure can be commenced. Usually the contract will require that a party should provide written notice of any disputed matter arising under the contract to the other party, following which specified individuals of each party will attempt to resolve the dispute within a set period (between 14 – 30 days). Usually in the first instance negotiations will take place between a primary contact/manager at Euler Hermes and its account manager/executive with the supplier. If they are unable to resolve the dispute then the matter is escalated in stages to individuals of increasing seniority for each party; for Euler Hermes this is the relevant function/department head followed by the CEO. Failure by the parties to resolve the dispute using the escalation procedure entitles either party to commence litigation or other dispute resolution procedure specified in the contract.
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