Offering Prompt Payment Discounts

The Authority shall make a payment within thirty (30)
calendar days after the contractor submits a complete
invoice along with any required documents and delivers
the goods or services, object of the contract or purchase
order.

To reduce the 30-day period to make a payment, the Authority
accepts the offering of prompt payment discounts. Discounts
will be taken whenever they are proven to be economically
beneficial for the Authority.

A prompt payment discount may be offered before, during
or after a supplier invoice is submitted. Furthermore,
discounts may be offered for a single invoice or for all
invoices submitted to the Authority by the contractor.
In doing so, the contractor must send, by fax, a written
notice offering the prompt payment discount. See
an example of the notice.

Calculation of a discount payment date:

To calculate a discount payment date the following parameters
have to be taken into consideration:

• The latest of the dates established by the Authority
  for processing the payment. Refer to Payment
  Terms.
• The discount offered.

Examples of discount payment date calculations:

Discount Offered: 2% in 15 days, net 30.

First example: Goods were received in the latter date.

Second example: Invoice and additional documents were
received in the latter date.

Important notice: The acceptance of
a discount does not exempt the contractor from complying
with the Invoice Requirements
and the Payment Terms.

For additional information feel free to contact the Accounts
Payable Unit, Accounting Division, at 272-4300, 272-4306
or 272-4316.