Prompt Payment

PROMPT PAYMENT REQUIREMENTS
 

Reduction in Payment Period
From 1st July 2011, all public sector bodies and aegis bodies are obliged to commit to paying suppliers within fifteen days of receipt of a valid invoice. This is one of the government’s commitments in the National Recovery Plan 2011 – 2014 and the EU/IMF Programme of Support for Ireland and is designed to assist the cash-flows of SMEs.

The 15-day period will commence from the day on which a valid invoice is received at its designated address. A valid invoice should contain all the information specified as required by the purchaser.

RIAM is committed to paying all invoices within the required timeframe and would appreciate your co-operation in this matter. If you have an invoice with a PO, please forward to arifislam@riam.ie for processing.

Reporting
RIAM is required to report on the number of invoices and value of payments in the categories 0-15 days, 16 – 30 days and 30 Days +, on a quarterly basis. This information is required to be published on the RIAM website and is linked below.