New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LV - Dormitory Authority
Part 4701 - Prompt Payment Policy
Section 4701.5 - Prompt payment procedure
Current through Register Vol. 46, No. 12, March 20, 2024
Each contractor requesting payment shall submit a proper invoice and adequate documentation to support the providing of work, goods or services to the designated payment office.
(a) In the case of invoices submitted by architects, engineers, contractors and other consultants pursuant to contracts awarded by the authority for the construction, reconstruction, rehabilitation of other improvement or facilities comprising all or part of a project, the office of the project manager assigned to the project is the designated payment office. Proper invoices submitted to the office of project manager by the fifth day of the month will be transmitted to the finance office of the authority after approval by the project manager. If received by the finance office by the 10th day of the month, a proper invoice will be paid by the last date of the month. Payment will be made no later than 30 days, except under the circumstances specified in subdivision (d) of this section, after receipt of such proper invoice at the designated payment office.
(b) For all other contract payments not covered by subdivision (a) of this section the finance office of the authority in Albany, NY is the designated payment office. Proper invoices submitted by the 10th of the month will be paid by the last day of the month, but in any event payment will be made no later than 30 days after receipt of such proper invoice.
(c) If a proper invoice is not paid within the period(s) described in subdivision (a) or (b) of this section, such payment will be subject to interest at the overpayment rate set by the Commissioner of Taxation and Finance pursuant to subsection (e) of section 1096 of the Tax Law.
(d) In accordance with subparagraph (v) of paragraph (A) of subdivision 3 of section 2880 of the Public Authorities Law, when the following facts and circumstances exists, the authority may, to the extent necessary, extend the payment date of a proper invoice to 45 days after receipt. The facts and circumstances may include, but shall not be limited to: