ANIMAL FRIENDS INSURANCE SERVICES LIMITED
Company number: 03630812
Reporting period:
1 July 2022 to 31 December 2022
Report filed on:
30 January 2023
Approved by:
Laura Barry
Payment statistics
Average time taken to pay invoices: 19 days
Invoices paid:
- within 30 days: 91%
- in 31 to 60 days: 8%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 20%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
45 days
Standard payment terms
Standard payment terms for the majority of suppliers is 30 days. However, we do have suppliers with varying terms eg 7, 14, 28 and 45 days
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
45 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
1. If a dispute arises out of or in connection with this agreement or the performance, validity or enforceability of it (Dispute) then the parties shall follow the procedure set out in this clause:
1. either party shall give written notice of the Dispute to the other party, setting out its nature and full particulars (Dispute Notice), together with relevant supporting documents. On service of the Dispute Notice, a director of each of the parties shall attempt in good faith to resolve the Dispute.
2. if such representatives are for any reason unable to resolve the Dispute within 14 days of service of the Dispute Notice, the Dispute shall be referred to a director of each of the parties who shall attempt in good faith to resolve it; and
if such directors are for any reason unable to resolve the dispute within 14 days of it being referred to them, the parties agree to consider entering into mediation in good faith to settle the dispute in accordance with the CEDR Model Mediation Procedure. To initiate the mediation, a party must serve notice in writing to the other parties to the Dispute, referring the dispute to mediation. A copy of the referral should be sent to CEDR. Unless otherwise agreed between the parties to the Dispute within 28 days of service of the ADR Notice (or such longer period as they may agree), the mediator shall be nominated by CEDR.
2. The commencement of mediation shall not prevent the parties commencing or continuing court proceedings in relation to the Dispute under clause 31 which clause shall always apply.
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