New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control
Part 18 - Prompt Payment Processing
Interest Calculation
Section 18.4 - Merchandise/invoice receipt date
Universal Citation: 2 NY Comp Codes Rules and Regs ยง 18.4
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Except where adjusted pursuant to sections 18.7 -18.14 of this Part, the MIR date shall be:
(1) in the
case of final payments on highway construction contracts, 30 calendar days,
excluding legal holidays, after the date on which the contract work has been
accepted by the Commissioner of Transportation;
(2) in the case of contracts which require
that the contractor be paid at predetermined intervals, the 30th calendar day,
excluding legal holidays, prior to each payment date specified in the contract,
or the date upon which an invoice, if required, is submitted, whichever date is
later; or
(3) in all other cases,
the date of the receipt of an invoice as defined in section
18.1(h)
of this Part.
(b) The MIR date determined in accordance with subdivision (a) of this section shall be adjusted in the situations described in sections 18.7 -18.14 of this Part, in accordance with the procedure outlined therein.
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