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Payment of invoices

last updated: 31st July 2011

The institution should have a clearly stated policy to make payment to suppliers within a given time period. This period is now incorporated into law under the Prompt Payment legislation. The payment period should start from the time the institution receives the supplier's invoice after the satisfactory receipt of the goods or services. Any deviation from, or non-compliance with, the supplier's required payment period should be communicated to the supplier.

Payment periods should be clearly communicated to suppliers in the contract documentation.
 

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