New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LV - Dormitory Authority
Part 4701 - Prompt Payment Policy
Section 4701.8 - Interest eligibility and computation

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4701.8
Current through Register Vol. 46, No. 39, September 25, 2024

In order for the authority not to be liable for the payment of interest, contract payment must be made within the periods described in section 4701.5 of this Part after the receipt of an invoice for the amount of the contract payment due; except when the contract payment is of the type where the facts and conditions are as defined pursuant to section 4701.7 of this Part. Any time taken to satisfy or rectify any of the facts or conditions described in section 4701.7 of this Part shall extend the date by which contract payment must be made in order for the authority not to become liable for interest payments by an equal period of time. The authority shall not be liable for the payment of interest when such interest is less than $10.

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