N.Y. Comp. Codes R. & Regs. tit. 18 § 1003.5

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

Section 1003.5 - 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 subdivision (b) of section 1003.4 of this Part when any of the following facts or conditions exists:

(a) in accordance with specific statutory or contractual provisions, payment must be preceded by:

(1) an inspection period;

(2) the receipt of a signed report in the case of the purchase of goods for an entity other than the Fund; or

(3) an audit to determine the resources applied or used by a contractor in fulfilling the terms of the contract;

(b) the necessary State appropriation required to authorize payment has not been enacted;

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

(d) the date by which payment must be made is modified in accordance with section 1003.7 of this Part.

N.Y. Comp. Codes R. & Regs. Tit. 18 § 1003.5