GOV.UK
COUNTRYWIDE ASSURED PLC
Company number: 02261746
Reporting period:
1 January 2023
to 30 June 2023
This report was filed on 25 July 2023
and approved by David Rimmington
Payment statistics
Average time taken to pay invoices: 14 days
Invoices paid:
- within 30 days: 95%
- in 31 to 60 days: 5%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 0 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
Charges shall be as set out in the Agreement and shall remain fixed until completion of an Agreement. Except as expressly stated herein, all Charges are exclusive of VAT (if any) but are otherwise fully inclusive including without limitation:
a) all royalties, licence fees or other expenses arising from the use or sub-licence (if permitted) by Countrywide Assured, any member of the Countrywide Assured Group, their employees, sub-contractors or agents of any IPRs supplied by the Supplier for the purpose of performing an Agreement;
b) carriage, insurance, packaging, duties, imposts and taxes;
c) all costs and expenses of the Supplier, whether foreseen or unforeseen;
d) packing, supply and, where applicable delivery, off-loading and installation; and
e) in the case of Goods, the Supplier shall, following Acceptance of any Deliverables, be entitled to submit an invoice for the appropriate Charge. Each invoice shall contain the particulars required by statute in respect of VAT, the PO number (if any) and any other particulars prescribed in the Agreement and shall be sent to the address specified in the Agreement.
Payment of a correct invoice shall be made by Countrywide Assured within 30 Working Days from the date of receipt. Countrywide Assured reserves the right to refuse payment of part or all of any invoice which is not submitted in accordance with these Conditions.
If Countrywide Assured disputes an invoice amount, it shall pay any amount it believes is due for payment and liability for payment of the balance shall be determined by agreement between the Parties acting reasonably or, failing such agreement, in accordance with law.
No payment made by Countrywide Assured shall constitute a waiver by Countrywide Assured of any breach by the Supplier of any of its obligations under the Agreement, or prejudice Countrywide Assured’s right in the future to question or dispute any payments and any payment withheld by Countrywide Assured shall be without prejudice to any other rights and remedies of Countrywide Assured under the Agreement or at law.
Claims for credit or payment due to Countrywide Assured in respect of returned Goods, slow deliveries, overcharges or other matters for which the Supplier is liable under the Agreement shall be settled within 20 Working Days from the identification by Countrywide Assured of such claims.
Countrywide Assured and the Supplier agree that the remedies set out in the Agreement (Liquidated Damages) (if any) are a genuine pre-estimate of the loss that Countrywide Assured will suffer in the event of a failure or delay in delivery by the Supplier.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
The firm has a dedicated Finance Service Desk which is reachable by phone and email. Vendors with invoice queries need to contact this team and if the service desk team is not able to resolve they escalate the issue to the accounts payable team. The accounts payable team will reach out to the invoice contact if not clear from the system why the invoice has not been approved for payment.
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.
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