New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter V - New York State Bridge Authority
Part 207 - Prompt Payment Policy
Section 207.3 - Rules and regulations
Current through Register Vol. 44, No. 38, September 21, 2022
(a) Payment request procedure. A proper invoice shall be sent to the attention of the director of administration, the designated payment department of the authority. The director of administration will enter or cause to be entered the date on which a proper invoice is received by the designation payment department.
(b) Schedule for prompt payment. Except as set forth in subdivisions (e) and (f) of this section, the authority will make payment in accordance with the following schedule:
(c) Date of payment. Payment of a proper invoice by the authority shall be deemed to have been made on the second business day after the date on which the authority's check for such invoice was issued.
(d) Interest penalty. If the authority fails to make payment in accordance with the prompt payment schedule set forth herein, the authority shall be liable for the payment of interest at a rate equal to that set by the State Tax Commission for corporate taxes pursuant to paragraph one of subsection (e) of section 1096 of the Tax Law. Interest shall be computed on the basis of a 365-day year, including the first day and excluding the last day of the period for which the computation is made. If the authority must process payments through some other entity not under the authority's control, the authority shall not be liable for interest due to the process time taken by such entity.
(e) Funds available to pay interest penalties. The authority will pay penalties with monies from (1) proceeds received by or on behalf of the authority under the terms of bond resolutions of the authority, which proceeds are not otherwise pledged to secure the payment of bonds and (2) proceeds received by or on behalf of the authority under the terms of Public Authorities Law, section 2425 et seq., which proceeds are not otherwise restricted by the provisions of such statute.
(f) Situations which justify extension of payment time for proper invoices. The following circumstances constitute exceptions to the prompt payment schedule set forth in subdivision (b) of this section:
(g) Reasons which justify the tolling of payment time for proper invoices. The following circumstances shall toll the prompt payment schedule set forth in subdivision (b) of this section:
(h) Tolling regulations. In order to toll the prompt payment schedule without penalty, the authority must notify a contractor of any circumstances set forth in paragraphs (f)(1)-(5) of this section, within 15 days after receipt of an invoice. If the authority fails to give notice within 15 days, the payment period of such corrected proper invoice shall be reduced by the number of days between the 15th day and the date of notification. If the authority fails to provide reasonable grounds for its contentions, the date by which contract payment shall be made is calculated from the date of receipt of an invoice.