NFI's current default payment term options in Coupa are: Net 60 or 2% 10 Net 30. Below are the details of the correct procedure for handling a vendor's request to negotiate a change or adjustment to payment terms if an incorrect term was selected.
II. Procedure for Vendor Term Adjustment
A. If a Signed Contract Exists
If a vendor has a pre-signed contract specifying payment terms, the following documentation and procedure apply:
During onboarding, the vendor should select their specific terms in the portal and upload a copy of the signed contract. Onboarders with a signed contract must select the 'I have a contract' option and upload a copy; otherwise, the custom contract settings will remain hidden.
After Setup: If the vendor is already established, they must send a copy of the signed contract along with their request to the Accounts Payable contact: nfii-ap@nfiindustries.com.
B. If No Contract is in Place
If the vendor wishes to negotiate payment terms and there is no signed contract in place:
The vendor should send their adjustment request to the Accounts Payable contact: nfii-ap@nfiindustries.com.
A member of the leadership team will review the request upon receipt.
The leadership team will reach out to the vendor directly if any follow-up information is needed.
The vendor will be notified as soon as a final decision has been reached. *The full article is attached for downloading