NATIONAL FARMERS UNION MUTUAL INSURANCE SOCIETY LIMITED(THE)
Company number: 00111982
Reporting period:
1 July 2023
to 31 December 2023
This report was filed on 23 January 2024
and approved by Richard Morley
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 80%
- in 31 to 60 days: 19%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 18 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
Our standard payment terms are 30 days following the end of the month in which a correctly detailed invoice is received from the supplier referencing the number of the purchase order. Alternative payment terms can be discussed when entering into a contract.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Our maximum contractual payment period is 30 days following the end of the month on which a correctly detailed invoice is received from the supplier referencing the number of the Purchase Order.
Any other information about payment terms
For the purpose of this report, where suppliers have been paid by direct debit, we have stated the time to pay as zero days.
Dispute resolution process
Disputes are resolved on an individual basis, in the first instance, a supplier should contact the requestor of the goods or service to resolve a dispute
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