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 9770.7 - Extension of prompt payment date

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 9770.7

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

The date by which a contract payment may be made without the payment of interest may be extended when any of the following facts or conditions exists:

(a) in accordance with specific statutory or contractual provisions, payment must be preceded by an inspection period or by an audit to determine the resources applied or used by a contractor in fulfilling the terms of the contract;

(b) the cash necessary to fund a payment to the contractor, whether expected to be available from bond proceeds or other sources, has not yet been received or is otherwise not available;

(c) such date by which contract payment must be made is modified in accordance with section 9770.9 of this Part.

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