Policy

Subject Area:	Procurement Services
Policy Title:	Payment Terms
Policy / Procedure No:	PUR009
Responsible Office:	Procurement Services

PURPOSE: To outline the method for establishing payment terms with vendors who do business with the University.

DEFINITIONS: Payment Terms: The period of time between receiving a valid invoice and issuing a check in payment for goods and/or services rendered.

SCOPE: Applies to all Northeastern University employees.

POLICY: All payments to vendors will be made in accordance with the University's standard payment terms. The Procurement Services Department will review requests for special payment terms, and if deemed appropriate, will change the terms in the "Vendor Master File" or on specific Purchase Orders.