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.

Invoice and other documents received date
Goods received date
Discount payment date (2% in 15 days)
Payment due date

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

Goods received date
Invoice and other documents received date
Discount payment date (2% in 15 days)
Payment due 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.