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 Eligibility
Section 18.2 - Eligible payments
Universal Citation: 2 NY Comp Codes Rules and Regs ยง 18.2
Current through Register Vol. 46, No. 12, March 20, 2024
(a) With the exception of the payments described in subdivision (b) of this section, every payment of State funds requested by a State agency to be paid to a contractor pursuant to a contract is eligible for interest whenever the payment is not made by the required payment date, unless failure to make such payment is the result of a lien, attachment or other legal process against the money due the contractor. However, only interest amounting to $10 or more will be paid.
(b) Payments are not eligible for interest under this Part when they are due and owing by a State agency:
(1) under the Eminent Domain
Procedure Law;
(2) as interest
allowed on judgments rendered by a court, except to the extend that interest is
incurred under this Part prior to the date of the notice of intent to file a
claim, the date of a notice of claim, or the date on which a legal action for
the payment of such interest is commenced, whichever occurs first;
(3) to the Federal government; to any State
agency or its related instrumentalities; to any duly constituted unit of local
government, including but not limited to counties, cities, towns, villages,
school districts, special districts or any of their related instrumentalities;
to any public authority or public benefit corporation; or to employees of State
agencies when acting in, or incidental to, their public employment
capacity;
(4) to contractors of
third-party payment agreements, including but not limited to the fiscal agent
or fiscal intermediary designated pursuant to section
367-b of the Social Services
Law;
(5) to entities which receive
State funds through any intermediary organization other than a State agency,
for example, to entities which receive payments of State funds under a contract
with a local government;
(6) in
situations where the Comptroller exercises a legally authorized set-off against
all or part of the payment due the contractor; and
(7) under a contract entered into on or prior
to July 1, 1984 which, as described in section
18.24 of
this Part, contains interest provisions which will provide for a greater
interest payment to the contractor. In any such case it shall be the
responsibility of the agency to obtain any invoices, and prepare and submit any
vouchers necessary for the payment of such interest.
Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
