The business agrees on payments terms with all 3rd party suppliers and honours such terms

What does this mean?

  • As explained above, the business needs to have written contracts in place with all 3rd party suppliers.
  • These contracts must have payment terms in place which have been agreed by both parties.
  • Records need to be kept by the business of any disputes that arise with regards to payments as well as of all payments made to 3rd party suppliers.

What do I do?

In the Template Portal you will find a form that can be used to record any disputes between the business and 3rd party suppliers.  Remember to include actions taken to address any disputes.