N.Y. Comp. Codes R. & Regs. tit. 21 § 2051.2

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

Section 2051.2 - Procedures

(a) Invoices. In order to initiate any payment pursuant to a contract, a contractor shall be required to submit a proper invoice to the corporation, except where the contract provides that the contractor will be paid at predetermined intervals without having to submit an invoice for each scheduled payment. A proper invoice shall contain a written request for contract payment and shall set forth the description, price and quantity of goods or services delivered or rendered, in such form and supported by such other substantiating documentation as the corporation may reasonably require. For purposes of these regulations, receipt of an invoice means (1) the date on which a proper invoice is actually received by the corporation, or (2) the date on which the corporation receives the purchased goods, property or services covered by the proper invoice, whichever is later.

(b) Schedule of payment.

(1) The corporation shall make payment under a contract within 45 calendar days after receipt of an invoice for the amount of the payment then due, for each invoice received prior to July 1, 1989. For each invoice received on or after July 1, 1989, the corporation shall make payment within 30 calendar days (excluding legal holidays) after receipt of such invoice for the amount of the payment then due. Where the contract provides that the contractor will be paid at predetermined intervals without having to submit an invoice for each scheduled payment, payments shall be made by the payment due dates specified in accordance with the contract.

(2) The corporation shall have 15 calendar days after receipt of an invoice to notify the contractor of:

(i) defects in the delivered goods or services;

(ii) defects in the invoice; or

(iii) suspected improprieties of any kind.

The existence of any such defect or impropriety shall prevent the commencement of the 45- or 30-day periods specified in paragraph (1) of this subdivision, provided that the corporation notifies the contractor of the existence of any such defect or impropriety within 15 calendar days of receipt of the invoice. If such notification is not given within 15 days, the number of days allowed for payment once the defect or impropriety is cured will be reduced by the number of days between the 15th day and the day notification was given.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 2051.2