New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LXXX - Industrial Exhibit Authority
Part 10000 - Prompt Payment Regulations
Section 10000.2 - Procedures

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 10000.2

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Invoices. To initiate any payment pursuant to a contract, a contractor shall submit a proper invoice to the authority except where the contract provides that the contractor will be paid at predetermined intervals without having to submit an invoice for each scheduled payment. A proper invoice shall contain a written request for contract payment and shall set forth the description, price and quantity of goods or services delivered or rendered in such form and supported by such other substantiating documentation as the authority may reasonably require. For purposes of these regulations, receipt of an invoice means (1) the date on which a proper invoice is actually received by the authority, or (2) the date on which the authority receives the purchased goods, property or services covered by the proper invoice, whichever is later.

(b) Schedule of payment.

(1) The authority shall make payment under a contract within 30 calendar days (excluding legal holidays) after receipt of a proper invoice for the amount of the payment then due. Where the contract provides that the contractor will be paid at predetermined intervals without having to submit an invoice for each scheduled payment, payments shall be made by the payment due dates specified in accordance with the contract.

(2) The authority shall have 15 calendar days after receipt of an invoice to notify the contractor of:
(i) defects in the delivered goods or services;

(ii) defect in the invoice; or

(iii) suspected improprieties of any kind.

The existence of any defect or impropriety shall prevent the commencement of the 30-day period specified in paragraph (1) of this subdivision, provided that the Authority notifies the contractor of the existence of any such defect or impropriety within 15 calendar days of receipt of the invoice. If such notification is not given within 15 days, the number of days allowed for payment once the defect or impropriety is cured will be reduced by the number of days between the 15th day and the day notification was given.

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