Information for Vendors
Prompt Payment Statutes - Code of Virginia, Sections 2.2-4347 through 2.2-4356 and 2.2-5004 - promote sound cash management and improved vendor relationships by ensuring timely payments for goods and services. Old University is required to pay for all completely delivered goods and services by the required payment due date. Payments may be processed earlier than the required due date - if the vendor's cash discount terms are advantageous. The required payment due date is established by the terms of the contract. If no contract exists, Old Dominion University is required to pay invoices 30 calendar days after receipt of a proper invoice, or thirty days after receipt of the goods or services, whichever date is later.
The best way to avoid delays in payments is to make sure that you understand and comply with all applicable University requirements.