For leases, licensed software, subscriptions, maintenance agreements, etc., which cover a time period, such as a year, the goods or services received date is considered to be the beginning of the period unless the vendor has agreed to other terms. Finance, interest and other late payment penalties noted on vendor's invoices which are not applicable to a contract law, or rule should be ignored. The interest penalties prescribed in Wis. Stats. 16.528, take precedence. This charge cannot be applied sooner than 20 days after the bill was issued.
Payment is considered complete on the date the check is issued.
The vendor may make the request either specifically or generally and either before the potential occurrence or subsequent to its accrual. This information is provided as a service of The University of Wisconsin System Administration Office of Financial Administration.