Prompt Payments and Payment Terms
It is the practice of the University that invoices on properly accepted goods or services will generally be paid within 30 days of receipt of the invoice. “Properly accepted” means receipt, inspection, and approval of the goods or services, except that in the case of a bona fide dispute the voucher shall contain a statement of the dispute and authorize payment only in the amount not disputed.
For the purposes of determining the receipt of invoice date, the department is deemed to receive an invoice on the date on which a correct and accurate invoice is first received at the location designated by the University.
The University is deemed to have received an invoice on the date of the invoice if the department has failed to annotate the invoice with the date of receipt at the time the department actually received the invoice, or failed at the time the order is placed or contract made to designate a specific location to which the invoice must be delivered.
The University may make partial payments to a contractor upon partial delivery of goods or services or upon partial completion of construction when a request for such partial payment is made by the contractor and approved by the University Controller.
This does not apply to payments made to State agencies or other governmental entities within the State of Florida.
All purchasing agreements between the University and a supplier shall include a statement of the supplier’s rights.
Invoices received from suppliers that have failed to supply the University with a complete and accurate W-9 or other form that provides all necessary data to determine 1099 status will be deemed insufficient for payment until such information is received.
Payment dates are calculated based on the invoice date input into myUF Marketplace and justification must be provided for any accelerated payment dates.
Reason for Directive
To ensure the timely payment of invoices while taking advantage of all appropriate discounts.
Who must comply?
All University of Florida departments.
Departments should adhere to the following supplier payment terms
- Reimbursements / Refunds / Individuals: 10 Days
- Royalty Payments: Net Zero
- Utility suppliers (Electric, telephone, cellular): 10 Days
- Non-profit & Small and/or Minority Status certifications: 10 Days
- Businesses can choose to offer a 2% discount in exchange for Net 10 Payment
- Construction suppliers: 20 Days
- All other suppliers: 30 Days
Payment dates are calculated based on the invoice date input into myUF Marketplace. Requests to change supplier terms can be made by a supplier to firstname.lastname@example.org and must provide evidence of a hardship or an established minority status for this request to be considered.
If an emergency payment is needed before the scheduled payment date in myUFL, contact Special Payments at email@example.com with a justification of the need for an accelerated payment date.
Prompt Payment Policy
Departments should ensure all invoices on properly accepted goods or services are paid within 30 days of the receipt of the invoice, based on the definitions in this directive. Please reference the “Paying an Invoice” directive and procedure for information.
A voucher is an online request for payment that holds PO/invoice information and creates a payment schedule.
05/01/2020: reviewed content
Disbursements: (352) 392-1241