Prompt Payments – Information For Suppliers
It is NORA's policy to pay creditors in respect of all valid invoices received on or after 1st July 2011, within 15 days of receipt of invoice.
This policy is in compliance with Government Decision S29296 of 8th March 2011 on Prompt Payments.
However, where relevant, NORA will continue to pay creditors in line with contractual arrangements, some of which may fall outside the scope of the 15 day Prompt Payment requirement noted above.
As a Public Sector company, NORA is required to comply with Dept. of Finance Circular 43/2006 in relation to the provision of a current valid Tax Clearance Certificate by suppliers. A Tax Clearance Certificate is required for suppliers who engage in transactions with NORA in excess of €10,000 (including VAT) in a twelve (12) month period.
For NORA to classify an invoice as a Valid Invoice, the following information is required to be shown and stated on all supplier invoices.
- Name and address of supplier
- Supplier VAT registration number (and in reverse charge instances NORA’s VAT registration number)
- Date of invoice
- NORA’s address (registered office address)
- NORA Purchase Order number – where provided by NORA or its agents
- Full description of works, goods or services provided, including the address of the place where works were carried out (e.g. storage terminal)
- Date of supply of works, goods or services
- Units of works, goods or services
- Unit price of works, goods or service
- Cost of works, goods or services – excluding VAT
- VAT on cost of works, goods or services – unless Relevant Contracts Tax (RCT) or Reverse Charge applies
- Total cost of works, goods or services – including VAT, unless RCT or Reverse Charge applies
- Where RCT applies, the invoice must include a typewritten statement to the effect:
“VAT ON THIS SUPPLY TO BE ACCOUNTED FOR BY THE PRINCIPAL CONTRACTOR”.
- Where Reverse Charge applies, the invoice must include a typewritten statement to the effect:
“In accordance with EU VAT rules from 1st January 2010, the place of supply for VAT purposes is where the customer is located.”
- Supplier bank details:
Suppliers are requested to provide bank details on their first engagement by NORA. In this regard, the following details should be submitted to NORA in writing and on headed paper. Suppliers are also requested to advise NORA in writing of any changes in bank details as they arise.
- Supplier Name
- Name on Bank Account
- Account Number
- Sort Code
- IBAN Number
- SWIFT Code
- Bank Branch Name and Address
- Intermediary bank details, if applicable
- A valid invoice is considered to have been received by NORA when it is received in the following manner:
- Post or hand delivery to NORA’s Registered Office
- email to firstname.lastname@example.org
- Fax to +353 (1) 6769399
Invoices will be date stamped upon receipt and the date of receipt by NORA will determine the Prompt Payment due date.
Payment Timing Queries
In the event that an invoice is in dispute, the following procedure will apply:
- The relevant NORA Manager to whom the Invoice has been referred for approval will contact the supplier by email and advise the following:
- that the invoice is in dispute
- the reason(s) for disputing the invoice
- what action(s) the supplier needs to take in order to rectify matters (including provision of a credit note as appropriate), in order that the invoice can be approved and payment made on the Prompt Payment date
- NORA will make every reasonable effort to resolve disputed invoices within 10 calendar days, in order that payment can be made within the 15 day Prompt Payment deadline.
- Where a supplier is of the opinion that the disputed invoice has not been resolved satisfactorily in order for payment to be made within the 15 day Prompt Payment deadline, the supplier can appeal the matter in the first instance to the NORA Financial Controller (FC).
- If the matter is not resolved to the supplier’s satisfaction within 25 days, it can be appealed to the NORA CEO, who will make a final determination.