Why FINREF? - esa-p

FINREF impact on Suppliers (2)
Payment due dates
Payment due dates are calculated in the following way: Payment due date = Payment baseline
date + payment terms (30 days per default, unless contractually agreed otherwise).
The payment baseline date is the date when both A) the MAC/Confirmation and B) the invoice are
approved by the Prime contractor (see picture) and are received by ESA. Only when both these
conditions have been met, the payment term starts.
An invoice always has to be complemented by a MAC/Confirmation. In exceptional circumstances, a
MAC/Confirmation can be created and approved by ESA directly, with mutual agreement between ESA
and contractor.
Sub(s)
Prime
MAC/Confirmation
Approve
Approve
A
Approve
Invoice
Approve
Approve
B
Approve
FINREF