New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LXXII - Natural Heritage Trust
Part 9500 - Prompt Payment Of Bills
Section 9500.3 - Interest eligibility
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 9500.3
Current through Register Vol. 46, No. 12, March 20, 2024
(a) With the exception of the payments described in subdivision (b) of this section, every payment owed by the trust to a contractor pursuant to a contract is eligible for interest whenever the payment is not made by the required payment date, unless failure to make such payment is the result of a lien, attachment or other legal process against the money due to the contractor.
(b) Payments are not eligible for interest under this Part when they are due and owing:
(1) under the Eminent Domain Procedure
Law;
(2) as interest allowed on
judgments rendered by a court pursuant to any provision of law;
(3) to the Federal government; to any State
agency or its instrumentalities; to any duly constituted unit of local
government, including but not limited to counties, cities, towns, villages,
school districts, special districts, or any of their related instrumentalities;
to any other public authority or public benefit corporation; or to its
employees when acting in, or incidental to, their public employment
capacity;
(4) in situations where
the trust exercises a legally authorized set-off against all or part of the
payment due the contractor; or
(5)
in situations where payments are processed through the State Department of
Audit and Control, the Department of Taxation and Finance or any other entity
not under the control of the trust.
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