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- Important update to Thomson Reuters supplier payment term policy
April 5, 2021
Important update to Thomson Reuters supplier payment term policy
The Thomson Reuters Supplier Payment Terms Policy defines standard payment terms for all suppliers. The policy has been updated to reflect evolving payment terms among large companies that efficiently manage working capital. Your assistance in executing this change will help us manage consistent expectations with our suppliers.
Effective immediately, Thomson Reuters will move from a 50-day to 70-day payment term for certain suppliers, as set forth below.
In practice, this means that payment will be issued the Monday on, or following, 70-calendar days after the suppliers’ invoice date, assuming that the invoice is received within 14-days from the invoice date. If the invoice is received later than 14-days from the invoice date, or if the invoice is in dispute, payment will take longer than 70-days from the invoice date.
The rollout of the 70-day payment term policy will be iterative based on the following criteria:
The primary business partner will be responsible for notifying the supplier/vendor of this policy at the time of purchase or service contract renewal. Payment terms will automatically be set to 70-days upon purchase or renewal unless other terms have been contractually agreed.
As always, we appreciate your partnership.
Thank you and regards,
Head of Procurement
Vice President, Accounts Payable & Royalties