New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LV - Dormitory Authority
Part 4701 - Prompt Payment Policy
Section 4701.7 - Extension of prompt payment date

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4701.7

Current through Register Vol. 46, No. 39, September 25, 2024

The date by which a contract payment may be made without the payment of interest may be extended when any of the following facts or conditions exists:

(a) in accordance with specific statutory or contractual provisions, payment must be preceded by an inspection period, the receipt of a signed receiving report in the case of the purchase of goods for an entity other than the authority itself, or by an audit to determine the resources applied or used by a contractor in fulfilling the terms of the contract;

(b) the necessary State government appropriation required to authorize payment has yet to be enacted;

(c) a proper invoice must be examined by the Federal government or other governmental entity prior to payment; and

(d) such date by which contract payment must be made is modified in accordance with section 4701.9 of this Part.

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