THE MEDICAL PROTECTION SOCIETY LIMITED

Payment of approved invoice occurs when goods or services are confirmed to have been received; usually payment will occur on the next available payment run (which are produced every fortnight). Example; invoice dated 1st July, received 2nd July – fully approved by the 3rd July – this would be available to pay on next available payment run, so could feasibly be paid within 7 days of receipt. MPS does not hold authorised invoices until a set “due” date. As the statistics display, average payment term is 44 days but many invoices will be paid well within this timeframe. The majority of contracts sit within our “standard” term of 30 days for payment. Only disputed or unauthorised invoices would exceed this deadline (or where goods/services have not been received). Please also see Dun & Bradstreet report (reference 22-709-2806) trade payment information, which provides some further analysis of spend summary

MPS operates a Purchase Order process for operational spend. We have an automated system that generates a Purchase Order number upon approval of spend by the relevant departmental approvers. This PO number is given to the Supplier to quote on their invoice. Any disputes are handled by the order originator at MPS. For non-operational spend (payment of defence costs and other legal related spend) does not utilise a Purchase Order, but instead a unique case reference is quoted by the Supplier (usually a legal firm). Each case is handled by a Claims Manager or Case Handler, who are responsible for spend on that file. Any disputes on these invoices are dealt with by that individual who will liaise directly with the fee earner they instructed to perform work on our behalf (or liaise with 3rd parties for other legal spend).