N.Y. Comp. Codes R. & Regs. tit. 21 § 9770.7

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

Section 9770.7 - Extension of prompt payment date

The date by which a contract payment may be made without the payment of interest may be extended when any of the following facts or conditions exists:

(a) in accordance with specific statutory or contractual provisions, payment must be preceded by an inspection period or by an audit to determine the resources applied or used by a contractor in fulfilling the terms of the contract;

(b) the cash necessary to fund a payment to the contractor, whether expected to be available from bond proceeds or other sources, has not yet been received or is otherwise not available;

(c) such date by which contract payment must be made is modified in accordance with section 9770.9 of this Part.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 9770.7