PROCUREMENT POLICIES
Colt strictly follows a "No PO, No Pay" policy. This means:
Do not start any activity without a valid Purchase Order (PO)
We will not process any invoice without a valid and authorised PO number. All invoices submitted for payment must be associated with an approved PO from our organisation.
MANDATORY INCLUSION OF PO NUMBER ON INVOICES
To avoid any delays or payment disputes, we ask all suppliers to include the corresponding PO number on every invoice submitted to Colt. The PO number serves as a reference and ensures accurate processing, and allocation of funds and secure approvals.
Invoices received without a valid PO number are considered non-compliant with our payment procedures. By accepting to work without a PO number, you accept the risk associated with potential delays or non-payment.
We understand the importance of maintaining a strong working relationship with you. Therefore, we insist on your collaboration with us in complying with this policy effectively. This will help streamline our payment processes, ensure all requests are properly funded and approved and ensure prompt and accurate payments for your services.
Certain categories of spend may be exempt from the "No PO – No Pay" policy. It is expected that when engaging with Colt, the question is raised to confirm exemption or not.
Should you have any questions or require further clarification, please feel free to reach out to our Procurement HelpDesk ([email protected])
WHAT A SUPPLIER CAN EXPECT OF US
If you are considering applying to Colt to be a supplier/vendor, here is what you should expect from Colt during the onboarding process.
If appropriate, Colt will engage with you, and as part of the process, Colt will ask you to:
Sign a non-disclosure agreement (NDA) - no changes to the document
Sign a copy of the Colt Supplier Code of Conduct
Complete relevant Risk Questionnaires via our Vendor Risk Management portal
Complete a Supplier information form - providing details such as Company Address, Company Registration Number, Bank Details and VAT number
Sign appropriate Colt contractual agreements
Colt will never request a processing or administrative fee from any potential or current supplier, as part of tendering or on-boarding. If you have any concerns about a payment request from anyone acting for or on behalf of Colt, please immediately alert this to [email protected], or use the whistleblowing hotline (details available at the end of the Code of Conduct.
PROCUREMENT INVOLVEMENT
Please ensure you involve Colt's procurement team as soon as any Colt member reaches out to your company. This will:
Avoid delays in closing the deal
Shorten the onboarding process
Be compliant with Colt's policies
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