Contract Payment Terms
Payment terms are established by the University of Maine System (UMS) and dictate when payments will be made. Generally, UMS employs a "Net 30" payment terms meaning that the payment will be issued within 30 days after date of the invoice. These payment terms are reflected on both Purchase Orders and the Personal/Professional Service Contracts.
When working with service providers, please reference the University's standard payment terms outlined in the contract. If a service provider has been paid under a contract with a payment terms of "due now" versus "Net 30", we will continue to pay the service provider with a payment term of "due now" until the completion of the contract.
Beginning, November 1st, 2009, all newly created personal/professional service contracts will be processed and paid as "Net 30". Payment terms other than "Net 30" will require advance written approval from Purchasing, prior to the start date of the contract.