N.Y. Comp. Codes R. & Regs. tit. 21 § 9770.5

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

Section 9770.5 - Prompt payment procedure

(a) Each contractor requesting payment shall submit a proper invoice and adequate supporting documentation to the designated payment office.

(b)

(1) The corporation will make prompt payment under a contract within 30 calendar days, excluding legal holidays, after receipt of an invoice at its designated payment office, for the amount of the contract payment then due.

(2) The date by which a contract payment must be made by the corporation in order to avoid the incurrence of an interest penalty as set forth below in subdivision (c) of this section shall be extended when any of the facts and circumstances listed in section 9770.7 of this Part exist, as provided for in section 9770.8 of this Part.

(c) If payment is not made within the 30-day period described above, such payment will be subject to interest at a rate equal to the overpayment rate set by the Commissioner of Taxation and Finance pursuant to section 1096(e)(1) of the Tax Law.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 9770.5