New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LXXVII - New York Local Government Assistance Corporation
Subchapter C - Prompt Payment Policy
Part 9770 - Prompt Payment Policy
Section 9770.3 - Definitions

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 9770.3

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

The following terms shall have the following meanings, unless the context shall indicate another or different meaning or intent:

(a) Corporation means the New York Local Government Assistance Corporation.

(b) Contract means an enforceable agreement entered into between the corporation and a contractor.

(c) Contractor means any person, partnership, private corporation or association:

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

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

(3) rendering or providing services to the corporation pursuant to a contract.

(d) Designated payment office means Treasurer, NY Local Government Assistance Corporation, c/o NYS Comptroller's Office, Division of Investments and Cash Management, A.E. Smith Bldg., Albany, NY 12236, or any other office designated by the corporation to which a proper invoice is to be submitted by a contractor.

(e) Prompt payment means payment of a debt due and owing by the corporation before interest accrues thereon pursuant to this statement of prompt payment policy.

(f) Proper invoice means a written request for a contract payment that is submitted by a contractor setting forth the description, price and quantity of goods, property, or services delivered or rendered in such form and supported by such other substantiating documentation as the corporation may reasonably require.

(g) Receipt of an invoice means:

(1) the date on which a proper invoice is actually received in the designated payment office; or

(2) the date on which the corporation received the purchased goods, property, or services covered by the proper invoice, whichever is later.

(h) Set-off means the reduction by the corporation 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 corporation.

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