N.Y. Comp. Codes R. & Regs. tit. 18 § 1003.3

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

Section 1003.3 - Definitions

The following terms have the following meanings, unless the context indicates another or different meaning or intent:

(a) Contract payment means a payment to a contractor pursuant to a written contract or an amendment thereto, signed by an authorized officer of the Fund and of the contractor, a fully executed change order or an executed purchase order.

(b) Contractor means a person, partnership, private corporation or association:

(1) selling materials, equipment, or supplies or leasing property or equipment to the Fund;

(2) constructing, reconstructing, rehabilitating or repairing facilities or making other improvements for or on behalf of the Fund; or

(3) rendering or providing services to the Fund pursuant to a contract.

(c) Designated payment office means the office designated by the Fund to which a proper invoice is to be submitted by a contractor.

(d) Prompt payment means payment of a debt due and owing by the Fund before interest accrues thereon.

(e) Proper invoice means a written request for a contract payment that is submitted by a contractor setting forth the description, price and quantity of goods, property, or services delivered or rendered, in such form and supported by such other documentation as the Fund may reasonably require.

(f) Receipt of an invoice means:

(1) the date on which a proper invoice is actually received in the designated payment office; or

(2) the date on which the Fund received the purchased goods, property, or services covered by the proper invoice, whichever is later.

N.Y. Comp. Codes R. & Regs. Tit. 18 § 1003.3