New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LXXI - Battery Park City Authority
Part 9002 - Prompt Payment Policy
Section 9002.2 - Definitions

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 9002.2

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

For the purpose of this Part, the following terms shall have the following meanings unless the context shall clearly indicate otherwise:

(a) Authority shall mean the Battery Park City Authority.

(b) Contract shall mean an enforceable agreement entered into by the authority and a contractor, including purchase orders.

(c) Contractor shall mean any person, partnership, private corporation or association providing or performing any of the following pursuant to a contract:

(1) selling materials, equipment or supplies or leasing property or equipment to the authority;

(2) constructing, reconstructing, rehabilitating or repairing buildings, streets or other improvements for or on behalf of the authority; or

(3) rendering or providing services to the authority.

(d) Designated payment office shall mean that department within the authority to which a proper invoice is to be submitted by a contractor; unless otherwise specified, the designated payment office shall be:

Office of the Treasurer

Attention: Accounts Payable

Battery Park City Authority

18th Floor

One World Financial Center

New York, NY 10281-1097

(e) Prompt payment shall mean payment of a debt due and owing by the authority pursuant to a contract before interest accrues thereon pursuant to the provisions of this Part.

(f) Proper invoice shall mean a written request or invoice for contract payment setting forth the description, price and quantity of goods, property or services provided by a contractor, such request or invoice being both in accordance with the terms of the contract and in such form, and supported by such other substantiating documentation, as the authority may reasonably require.

(g) Receipt of a proper 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 the authority receives the purchased goods, property or services covered by the proper invoice, whichever is later.

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

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