LIVERPOOL VICTORIA INSURANCE COMPANY LIMITED
Company number: 03232514
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
31 July 2018
Approved by:
Richard Rowney
Payment statistics
Average time taken to pay invoices: 1 days
Invoices paid:
- within 30 days: 100%
- in 31 to 60 days: 0%
- in 61 days or more: 0%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 30%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Our standard terms confirm the supplier will be paid within 30 days of receipt of a valid undisputed invoice unless otherwise agreed and stated in the order.
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
n/a
Any other information about payment terms
n/a
Dispute resolution process
If we dispute any item in an invoice, we aim to inform the supplier promptly of the disputed item and work with them to (1) explain why the invoice has been disputed; and (2) reach a mutually acceptable outcome. Suppliers are encouraged to contact their point of reference in the business to resolve any disputed work or invoices.
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