THE AGRICULTURAL MORTGAGE CORPORATION PLC

Standard payment terms are 30 days after receipt of a correct, undisputed, timely provided and properly due VAT invoice.

In some circumstances, Agricultural Mortgage Corporation Plc agrees appropriate terms of payment with suppliers for each transaction or series of transactions, and abides by those terms based on the timely submission of valid invoices.

Invoice Receipt Date
We are currently only able to record the date of receipt of invoices for circa 41% of reportable invoices in this report. Where the date we receive an invoice is not available, we have reported on the date of the invoice itself, as we consider this the most justifiable alternative.

Unknown payment terms
For certain suppliers, our systems do not currently capture details of the payment terms in place under qualifying contracts with those suppliers. Therefore, for the purposes of reporting on our payment statistics for those qualifying contracts, we have assumed that all payments under those contracts are due within 30 days of the date of receipt of the invoice, which reflects our most commonly used contractual payment terms.

Discrepancy between contracting entity and paying entity
Our payment statistics include some payments made by Agricultural Mortgage Corporation Plc where, although we are not the contracting entity for the relevant qualifying contract, the services have been received and paid for by Agricultural Mortgage Corporation Plc.

Sufficient link to the UK
Our payment statistics may include some payments made to non-UK entities where we have been unable to ascertain whether the contract has a sufficient link to the UK to meet the criteria for reporting. It is not Agricultural Mortgage Corporation Plc policy to differentiate supplier payment terms based on supplier jurisdiction and our payment practices for non-UK entities are representative of those followed for UK entities.

Suppliers can raise queries with their appointed managers in the first instance. They can also contact the dedicated accounts payable team (LloydsInvoiceEnquiries@Lloydsbanking.com). Such contacts would generally seek to deal with any disputes promptly (involving other senior contacts, as needed), in accordance with the terms of the contract.