How does the Prompt Payment Act effect the payment?
Effective Sept. 1, 1999, interest due on late payments to vendors will automatically be calculated and included with the payment.
Payments for goods and services must be paid no later than 30 days after the later of:
- receipt of good/services, or
- receipt of the invoice for the goods/services
Goods/Services will be considered received when they have been accepted as usable by the end user.
Invoices must be complete and delivered to the “official billing address” as printed on university purchase orders. An invoice is NOT complete if it contains items that have NOT been delivered.
Payments should be scheduled to be paid as close to the 30-day limit as possible. Early payments may be made if a discount is available or if there is a contractual agreement to pay sooner.