N.Y. Comp. Codes R. & Regs. tit. 21 § 4701.3

Current through Register Vol. 46, No. 50, December 11, 2024

Section 4701.3 - Definitions

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

(a) Authority means the Dormitory Authority of the State of New York.

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

(c) Prompt payment means payment of a debt due and owing by the authority before interest accrues thereon pursuant to this statement of prompt payment policy.

(d) 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 substantiating documentation as the authority may reasonably require.

(e) 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 authority, or other entity on whose behalf the authority is acting, received the purchased goods, property, or services covered by the proper invoice, whichever is later.

(f) Set-off means the reduction by the authority of a payment due to a contractor by an amount equal to the amount of an unpaid legally enforceable debt owed by the contractor to the authority.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4701.3