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The aim of this policy is to minimise levels of debt and bad debts in order to protect the overall financial health of the University.
1.1 The aim of this policy is to minimise levels of debt and bad debts in order to protect the overall financial health of the University and allow it to continue to invest in teaching and research excellence.
1.2 This policy applies to all commercial and research contracts/agreements. It excludes student related debt.
2.1 Schools/Services can request Accounts Receivable to carry out a credit reference check on any company/individual where they feel it necessary to ensure the risk of debt to the University is minimised.
2.2 All commercial and research projects must be applied for through PURE, where credit reference checks are carried out as part of the approval process if deemed necessary.
2.3 TNE partners are required to submit financial accounts on an annual basis (compulsory) and credit checks will be carried out where deemed necessary.
3.1 University standard payment terms and conditions apply. Invoices are due for payment on or before 30 days after the date of the invoice. Exceptions to the standard payment terms and conditions are made at the discretion of the Director of Finance, Infrastructure and Corporate Services or where it is superseded by a contract which the Director of Finance, Infrastructure and Corporate Services is aware of.
3.2 Payment methods are located on the invoice and in Appendix A of this policy
4.1 Sending reminders to a debtor is the sole responsibility of Accounts Receivable, although the School/Service raising the invoice or making a claim should assist where requested. Reminders will consist of a prescribed process dictated by: (i) intervals as set up on the Finance system; and (ii) response from a debtor. A debtor can only be withheld from the standard debt collection process at the Director of Finance, Infrastructure and Corporate Services’ discretion.
4.2 Accounts Receivable will notify Schools/Services of any slow payers and will, where necessary, request the withdrawal of service until accounts are brought up to date.
4.3 If a debtor fails to pay an invoice within the 30 day timescale, the University may apply interest and charges to the debtor’s account in accordance with the Late Payment of Commercial Debts (Interest) Act 1998.
4.4 If a debtor fails to settle outstanding amounts, one or more of the undernoted consequences may occur:
A £50.00 plus VAT referral charge will be applied to the debtor’s account and the account referred to one of the University’s debt collection agencies.
Legal proceedings may be initiated by the debt collection agency. The debtor may also be liable to pay judicial interest and court expenses in addition to the debt.
Any pronounced court order will have an adverse effect on the debtor’s credit rating.
The cost of any enforcement action will be added to the debt where current debt legislation allows.
If the debt remains unpaid, it could lead to the debtor’s bankruptcy.
A Statutory Demand may be sent to a Limited Company which may result in it being wound up.
5.1 Queries on commercial or research debt should be made by email to Accounts Receivable: finance@abertay.ac.uk.
6.1 Our aim is to resolve issues of dissatisfaction by conducting a thorough and fair investigation. For further information, please view the University’s Complaints Handling Procedure.
Please ensure that the invoice number is quoted with all payments to ensure that the payment is correctly allocated. Payment can be made as follows:
We accept payment from all major credit/debit card providers.
Payments can be made online HERE
To pay by bank transfer, please contact our cash desk on the phone number below for the details.
Contact our cash desk on 01382 308833.