Terms of Payment
PAYMENT TERMS FOR SUPPLIER INVOICES
Gert Sibande TVET College is a subsidiary of the Department of Higher Education and Training, being this The College is obliged to adhere to all policies and procedures as set out by The DHET to govern its workings and in this case particularly with reference to payment processing of invoices due.
As per The DHET creditor management policy, the college is to ensure that all supplier invoices are paid within 30 days of invoice receipt. The College will no longer be processing payments on an ad-hoc or as received basis as this constitutes a breach of policy, The College will also not be awarding any advance or upfront payments to suppliers for any particular procurement.
In order to ensure that all invoices due are processed within the 30 Day period, the College requires the following from suppliers (to be handed at respective site that issued the order):
- Invoice accompanied with the Delivery Note (Only Original, no copies will be accepted).
- Invoice should state the Purchase Order Number, Banking Details, detailed breakdown of items, indication of VAT inclusion or exclusion.
- Statement of Account clearly indicating invoices and payment receipt to be submitted on a monthly basis to
- Confirmation of banking details corresponding to the banking details stated on the invoice (for new suppliers/change of banking details for existing suppliers)
- Ensure any and all required supporting documents are attached to avoid any further delays in payment processing.
The College previously had a cycle run of 7days to effect payment, with effect as from 01 May 2017, in adherence to the DHET creditor management policy the cycle run for payments is now shifted to 21days from receipt of invoice, this can at the discretion of management be extended to 30days as a maximum, no payment on invoices will be made within 21days of invoice receipt.
We trust that we will continue to receive the support and excellent service delivery from our valued suppliers, we urge suppliers to exercise patience and honor this policy requirement of The College.