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 9770.5 - Prompt payment procedure
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 9770.5
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Each contractor requesting payment shall submit a proper invoice and adequate supporting documentation to the designated payment office.
(b)
(1) The
corporation will make prompt payment under a contract within 30 calendar days,
excluding legal holidays, after receipt of an invoice at its designated payment
office, for the amount of the contract payment then due.
(2) The date by which a contract payment must
be made by the corporation in order to avoid the incurrence of an interest
penalty as set forth below in subdivision (c) of this section shall be extended
when any of the facts and circumstances listed in section
9770.7 of this Part exist, as
provided for in section
9770.8 of this Part.
(c) If payment is not made within the 30-day period described above, such payment will be subject to interest at a rate equal to the overpayment rate set by the Commissioner of Taxation and Finance pursuant to section 1096 (e)(1) of the Tax Law.
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