Prompt Pay
As a public institution, the University is governed by the Code of Virginia. The code states: “Every state agency that acquires goods or services, or conducts any other type of contractual business with nongovernmental, privately owned enterprises shall promptly pay for the completely delivered goods or services by the required payment date. Separate payment dates may be specified for contracts under which goods or services are provided in a series of partial deliveries or executions, to the extent that such contract provides for separate payment for such partial delivery or execution.”
To ensure prompt and accurate payment:
- Payments should be made from original invoices.
- Payments on the invoice must match, line for line, items shown on the University’s purchase order. If there are any unit price or quantity variances from the line item on the purchase order, payment may be delayed.
- Unless prearranged by University Purchasing, all payments will be issued 30 days from the date the goods were received by the ordering department, or 30 days from the date a valid original invoice is received in Accounts Payable, whichever is later.