The University is required to pay for each acceptable item of property or service on the date required by the vendors. If no date for payment is specified, payment should be made within 45 days after receipt of the invoice. The acquisition of property includes the rental of real or personal property.
Examine vendor invoices closely to find out the payment terms. Look for early payment discounts that may be available and try to take advantage of every discount to save money for your department and the university.
Set a goal to never miss an early payment discount and never be late paying a vendor!
A vendor may accrue interest on payments overdue at a rate of one and three-fourths percent per month (compounded) unless a different rate is specified under contract. The University is obligated to pay these finance costs except that such fees may not be paid from federally sponsored projects.