Accounts payable

An invoice may be rejected and returned for any of the following reasons:

• The invoice is not addressed to Laurentis Energy Partners or Canadian Nuclear Partners SA
• The invoice does not contain any of the following:
  • Laurentis PO number, where applicable
  • A unique invoice number
  • Invoice date
  • Supplier name as stated in the PO
  • Remittance address
  • PO line item number and quantity, description (including Laurentis Project # and Local) and unit price of goods/services (as stated in the PO): for service POs, must include contractor’s name, hourly labour rate, and detailed breakdown of hours worked and billing period, including Laurentis Project # and Local (Synerion Report, where applicable)
  • Total invoice amount
  • Currency
  • HST/VAT registration and/or if charging HST/VAT
  • Shipping terms and required documentation
  • Other substantiating documentation as noted in the PO
• The approver will not approve the invoice if work is not done to contract satisfaction or the work was unauthorized, or does not match the approved Dynamics Hours, where applicable.
• The amount being billed is in excess of the amount on the purchase order (in terms of price, hours, rates, or total purchase order value).

It is our policy not to short pay (provide partial payment) on invoices unless we have a credit invoice to apply. However, Laurentis will make regulatory adjustments to invoices that will result in short payment, including:

• Withholding tax was collected (applies to foreign vendors providing services in Canada and Romania)
• Amount has been held back in accordance with the terms and conditions of the purchase order, i.e., holdback contracts

The Income Tax Act generally requires that every person making a payment to a non-resident person (including individuals and corporations) withholds income tax on the payment. This includes payment to non-residents for services performed in Canada, rents, royalties and similar amounts.

The Fiscal Code of Romania generally requires that every person making a payment to a non-resident person (including individuals and corporations) withholds income tax on the payment. This includes payment to non-residents for services performed in Romania, rents, royalties and similar amounts.

Canada:

Laurentis is required to withhold 15 per cent tax on payments made to non-residents for services of any kind performed in Canada, regardless of the currency in which the invoice is rendered. The tax is remitted to Canada Revenue Agency (CRA) on the non-resident's behalf. This amount withheld may only be reduced or waived by Canada Revenue Agency (CRA).

Annually, T4A-NR supplementary tax documents are prepared for each non-resident identifying the amount of tax withheld for the prior calendar year.

Romania:

Canadian Nuclear Partners S.A. is required to withhold 16 per cent tax on payments made to non-residents for services of any kind performed in Romania, regardless of the currency in which the invoice is rendered. The tax is remitted to the National Agency for Fiscal Administration (ANAF) on the non-resident's behalf. This amount withheld may only be reduced or waived by ANAF.

Annually, D207 supplementary tax documents are prepared for each non-resident identifying the amount of tax withheld for the prior calendar year.

Failure to withhold, remit and report the required withholdings, where applicable, will result in a tax liability to Laurentis, plus interest and penalties, thereby increasing Laurentis’s costs if there is a failure to correctly identify the application of withholding tax at the beginning of the contract.

Electronic Funds Transfer (EFT) is our preferred payment method and is available to all Canadian based suppliers with a Canadian bank account.

Benefits of EFT:

• EFT is both an effective and convenient method for receiving payments.
• There is no waiting period for, or risk of lost or stolen cheques.
• EFT payments are deposited directly into your bank account, often on the same day.
• Remittance details are provided to you electronically by email.
• Payments are fully traceable.
• Eliminates paper cheques.

In addition to electronic payment, we also use electronic remittances. Laurentis will provide payment details to you via email.

To start taking advantage of the many benefits of electronic payment, please complete, sign and return the correct electronic payment registration form:

• Canadian suppliers - Vendor Form
• CNPSA suppliers - Vendor Form
• The following must be included with your vendor form:
  (1)  A cheque marked “VOID” or bank letter.

Once completed, please email your form to accounts.payable@laurentisenergy.com