N.Y. Comp. Codes R. & Regs. tit. 21 § 504.2

Current through Register Vol. 46, No. 43, October 23, 2024

Section 504.2 - Definitions

As used in this Part, the following terms shall have the following meanings, unless the context shall indicate another or different meaning or intent:

(a) Authority means the New York State Energy Research and Development Authority.

(b) Contract means an enforceable agreement entered into between the authority and a contractor.

(c) Contractor means any person, partnership, private corporation or association:

(1) selling materials, equipment or supplies or leasing property or equipment to the authority pursuant to a contract;

(2) constructing, reconstructing, rehabilitating or repairing buildings, highways or other improvements for, or on behalf of, the authority pursuant to a contract; or

(3) rendering or providing services to the authority pursuant to a contract.

(d) Date of payment means the date on which the authority requisitions a check from its statutory fiscal agent, the Department of Taxation and Finance, to make a payment.

(e) Designated payment office means the Office of the Authority's Controller, located at 17 Columbia Circle, Albany, NY 12203-6399.

(f) Payment means provision by the authority of funds in an amount sufficient to satisfy a debt properly due and owing to a contractor and payable under all applicable provisions of a contract to which this Part applies and of law, including but not limited to provisions for retained amounts or provisions which may limit the authority's power to pay, such as claims, liens, attachments or judgments against the contractor which have not been properly discharged, waived or released.

(g) Prompt payment means a payment within the time periods applicable pursuant to sections 504.3 through 504.5 of this Part in order for the authority not to be liable for interest pursuant to section 504.6 of this Part.

(h) Payment due date means the date by which the date of payment must occur, in accordance with the provisions of sections 504.3 through 504.5 of this Part, in order for the authority not to be liable for interest pursuant to section 504.6 of this Part.

(i) Proper invoice means a written request for a contract payment that is submitted by a contractor setting forth the description, price or cost, 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, including but not limited to any requirements set forth in the contract; and addressed to the authority's Controller, marked "Attention: Accounts Payable," at the designated payment office.

(j)

(1) Receipt of an invoice means:

(i) if the payment is one for which an invoice is required, the later of:

(a) the date on which a proper invoice is actually received in the designated payment office during normal business hours; or

(b) the date by which, during normal business hours, the authority has actually received all the purchased goods, property or services covered by a proper invoice previously received in the designated payment office;

(ii) if a contract provides that a payment will be made on a specified date or at a predetermined interval, without having to submit a written invoice, the 30th calendar day, excluding legal holidays, before the date so specified or predetermined.

(2) For purposes of this subdivision, if the contract requires a multifaceted, completed or working system, or delivery of no less than a specified quantity of goods, property or services and only a portion of such systems or less than the required goods, property or services are working, completed or delivered, even though the contractor has invoiced the authority for the portion working, completed or delivered, the authority will not be in receipt of an invoice until the specified minimum amount of the systems, goods, property or services are working, completed or delivered.

(k) Setoff means the reduction by the authority of a payment due 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 § 504.2