Type of Policy
Policy No
Effective Date
Review Date
Policy Owner
Accounts Payable
Contact Name
Laura Jamison
Contact Title
Accounts Payable Manager
Contact Email
Policy Statement

General trade vendor payment terms for orders will be net 30 days. Days are calculated from date of invoice, date of receipt of goods/services, or date of receipt of accurate invoice, whichever is later.

General payment terms for employee and non-employee reimbursements is three to five business days. Official guests, visitors, and most other payments paid via the Institute’s Financial System with a Supplier Invoice Request (SIR) do not have payment terms and follow the standard payment turnaround processing time of being processed for payment within five business days from receipt of departmental approval and all other necessary requirements. Construction contractors and OSP sub-agreements will be paid as per the payment terms of the contract.