N.Y. Comp. Codes R. & Regs. tit. 18 § 1003.4

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

Section 1003.4 - Prompt payment procedure

(a) Each contractor requesting payment from the Fund must submit to the designated payment office of the Fund a proper invoice and adequate documentation to support the payment for goods or services furnished to the Fund. A proper invoice will be paid no later than 30 days after receipt.

(b) If a proper invoice is not paid within the 30-day period described in subdivision (a) of this section, such payment will be subject to interest at a rate equal to the rate set by the State Tax Commission for corporate taxes pursuant to section 1096(e)(1) of the Tax Law.

N.Y. Comp. Codes R. & Regs. Tit. 18 § 1003.4