N.Y. Comp. Codes R. & Regs. tit. 18 § 801.5

Current through Register Vol. 46, No. 45, November 2, 2024

Section 801.5 - Extension of prompt payment date

The date by which a proper invoice may be paid without the accruing of interest may be extended beyond the payment date specified in section 801.4(a) of this Part when any of the following facts or conditions exists:

(a) the contractor fails to comply with the terms of its contract;

(b) the corporation, in accordance with the terms of its contract with the contractor, finds it to be necessary or desirable to conduct an inspection, test, audit or review of contract activity to determine whether such activity for which payment is requested has been performed in accordance with the terms of the contract;

(c) the necessary State appropriation or advance required to authorize payment has not been enacted or provided to the corporation;

(d) a proper invoice must be examined by the Federal government prior to payment; or

(e) the date by which payment must be made is modified in accordance with section 801.7 of this Part.

The corporation is not responsible for the processing time taken by the State Department of Taxation and Finance, the State Division of the Budget, the Office of the State Comptroller, or any external entity not under the corporation's control that is required by statute, regulation or agreement to approve or process corporation payments.

N.Y. Comp. Codes R. & Regs. Tit. 18 § 801.5