GOV.UK
AVIVA PLC
Company number: 02468686
Reporting period:
1 July 2023
to 31 December 2023
This report was filed on 25 January 2024
and approved by Jonathan Lee
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 95%
- in 31 to 60 days: 4%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 1 %
Payment terms
Standard payment period for qualifying contracts
28 days
Standard payment terms
The standard contractual payment terms for supplier is 28 days however this varies for each supplier dependent on the nature of the business. The payment terms for Indirect side of the business (Purchase to pay) is 28 days as standard. For direct business (payments to Motor, Legal and Property), the payment terms ranges from immediate, 7 days, 14 days and 30 days. This is clearly articulated in the contract and negotiated prior to business.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
45 days
Any other information about payment terms
N/A
Dispute resolution process
"Aviva has a dedicated team for payment queries to provide support to suppliers and reduce disputes.
Any dispute or difference between the parties arising out of this Agreement which cannot be settled amicably will in the first instance be referred to the parties' senior management representatives. If such representatives fail to each agreement, then the parties will attempt in good faith to settle the dispute by mediation in accordance with
the Centre for Disputes Resolution (CEDR) Model Mediation Procedure. If the dispute has not been resolved by mediation within 30 days of the initiation of such procedure, or if either party refuses to participate in the
mediation procedure, the other party may refer the dispute to the courts of England. The Supplier reserves the right to charge interest on overdue amounts at 2% per annum over the Base Rate of the Bank
of England for the time being in force (""Late Payment Interest""), if such amounts remain outstanding 30 days after the supplier has given notice that Aviva has failed to make payment within the timescale set out.
"
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.Yes – Prompt Payment Code
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