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In accordance with the
State
of Texas Prompt Pay Law (Government Code, Chapter 2251), UTA is required to process payments to suppliers no later than the 30th day after receiving the good(s)/service(s) or a correct
invoice. Payments processed on or after the 31st day will be assessed interest, which UTShare will automatically apply to vouchers paying from cost centers only.
To avoid prompt pay interest being charged to a department’s cost center, invoices must be entered, approved, and submitted to the Office of Disbursements
in UTShare at least 10 days prior to the due date.
Projects, Cost Shares, and Plant Funds will continue to be unaffected.
The
Prompt Pay Interest Rate will increase from 5.75 % to 9.25% for the Fiscal Year 2023-2024.
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