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Last Updated: Feb 6, 2017 - 2:32:04 PM |
TCIG Adopts New “No Purchase Order, No Payment” Policy
By Athenee Harvey, Permanent Secretary Ministry of Finance, Trade and Investment
Mar 3, 2014 - 12:00:45 PM
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TURKS AND CAICOS - The Ministry of Finance, Trade and Investment announced today March 3, 2014, its new “No Purchase Order, No Payment” policy which becomes effective on April 1, 2014.
The Ministry is urging ALL vendors and providers of goods and services to the Turks and Caicos Islands Government (TCIG), to take note of the new No Purchase Order, No Payment policy which aims to improve internal controls over outstanding bills and ensures the timely payment and clearance of debts.
As of April 1, 2014, when the “No Purchase Order, No Payment” phase of the Turks and Caicos Islands Government procurement policy takes effect, all financial commitments for goods and services on behalf of TCIG MUST be made using a valid purchase order. Vendors are also expected to include a valid TCIG Purchase Order number on ALL invoices to avoid delays in processing and payment.
Suppliers of goods and services to TCIG should NOT, under any circumstances, accept verbal or written orders from any official of TCIG unless these orders are accompanied by a signed copy of a valid TCIG Purchase Order.
Any transaction with TCIG that does not follow this procedure will not be processed and payment will not be made.
In addition, as a part of the new “No Purchase Order, No Payment” policy, all providers of goods and services will be required to re-register as a vendor with TCIG using the new forms now available at the Accountant General’s Office.
To register, all providers of goods and services to TCIG must provide a valid business license with their registration forms. These measures will be strictly observed and there will be no exception.
© Copyright 2014 by thebahamasweekly.com
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