ZURICH ASSURANCE LTD

Company number: 02456671

Reporting period:
1 January 2022 to 30 June 2022

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This report was filed on 26 July 2022

and approved by Alex Koslowski

Payment statistics

Average time taken to pay invoices: 19 days

Invoices paid:

• within 30 days: 90%
• in 31 to 60 days: 7%
• in 61 days or more: 3%

Invoices due but not paid within agreed terms: 8%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

The team process high volumes of invoices. Supplier contract terms are not held on the system database. An assumption has been made that the standard contractual length of time for payment of invoices is 30 days (being the most frequently used payment terms) for qualifying contracts)

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

30 days

The Company does not enter into differing payment periods for qualifying contracts, therefore the above assumption of 30 days is similarly applied here.

Any other information about payment terms

N/A

Dispute resolution process

Supplier complaints/concerns should be made in writing to the individual responsible for the contract instruction who will consider the dispute and respond to the Supplier as quickly as possible.

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.

Yes

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