New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4214 - Prompt Payment Policy Statement
Section 4214.2 - Definitions

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4214.2

Current through Register Vol. 46, No. 12, March 20, 2024

For the purpose of this policy statement, the following terms shall have the following meanings unless the context shall indicate another or different meaning or intent:

(a) UDC shall mean the New York State Urban Development Corporation, having its principal office at 1515 Broadway, New York, NY 10036.

(b) Contract shall mean an enforceable agreement entered into by UDC and a contractor. Bond resolutions and purchase agreements are not contracts within the meaning of this section.

(c) Contractor shall mean any person or organization providing goods, property or services to UDC pursuant to a contract.

(d) Department of Taxation shall mean the New York State Department of Taxation and Finance, Division of the Treasury.

(e) Designated payment office shall mean the Accounts Payable Department, New York State Urban Development Corporation, 1515 Broadway, New York, NY 10036.

(f) Prompt payment shall mean payment of a debt due and owing by UDC to a contractor before interest accrues thereon pursuant to the specifications contained in this policy statement.

(g) Proper invoice shall mean a written request for payment under a contract, setting forth the description, price and quantity of goods, property or services provided by a contractor, in such form, and accompanied by such other substantiating documentation, as UDC may reasonably require.

(h) Receipt of invoice shall mean either:

(1) the date on which a proper invoice is received by the designated payment office; or

(2) the date on which UDC receives the purchased goods, property or services indicated in the proper invoice, whichever is later.

(i) Set-off shall mean the reduction by UDC of a payment due to a contractor by an amount equal to the amount of an unpaid legally enforceable debt owed by a contractor to UDC.

(j) State shall mean the State of New York.

(k) Tax Law shall mean the Tax Law of the State of New York.

(l) Treasury Department shall mean the UDC Office of the Treasurer.

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.
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