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ALLIANZ MANAGEMENT SERVICES LIMITED

Company number: 03947280

Reporting period:
1 January 2022 to 30 June 2022

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

This report was filed on 27 July 2022

and approved by Fernley Dyson

Payment statistics

Average time taken to pay invoices: 24 days

Invoices paid:

• within 30 days: 84%
• in 31 to 60 days: 9%
• in 61 days or more: 7%

Invoices due but not paid within agreed terms: 21 %

Payment terms

Shortest standard payment period

14 days

Longest standard payment period

60 days

Standard payment terms

The Company has a 30 days NET standard payment term on undisputed invoices reflected in the Company’s standard template terms and conditions.
Other payment terms for some Suppliers may be reflected in contracts following negotiation with suppliers in exceptional circumstances which will be reflected in the subsequent Contract and Payment system.

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

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

N/A

Dispute resolution process

Where The Company has a reasonable dispute regarding an invoice received from Supplier, The Company will promptly notify the Supplier of that dispute. Allianz will pay the undisputed element of the invoice in accordance with normal payment agreement and both Parties will use reasonable endeavours to resolve the dispute regarding the balance of the invoice as quickly as reasonably possible.
If any sum due to the Supplier remains unpaid thirty (30) days after payment was due by The Company, the Supplier may charge interest (both before and after any judgment) on the amount unpaid at the rate of 2 per cent per annum above the base rate of Lloyds from time to time until payment is made in full, calculated on a daily basis. The Supplier’s right to charge interest shall not apply where there is a reasonable dispute in accordance with the Dispute Resolution Process as to whether the invoice is properly payable.

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

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