To establish University policy for late penalty payments as required by KRS 45.451 to KRS 45.458.
KRS 45.451 to KRS 45.458, enacted by the 1984 General Assembly, states that effective January 1, 1985, the University of Kentucky is required to pay all invoices within thirty (30) working days of the receipt of a satisfactory vendor’s invoice and satisfactory delivery of goods and services. Per KRS 45.454, failure to pay obligations as required will result in a penalty of one percent of the amount due for each full or part month that the payment exceeds thirty (30) days.