New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter XVI - Hudson River Park Trust
Part 753 - Prompt Payment Policy
Section 753.2 - Definitions

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 753.2

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

For the purposes of this Part, the following terms shall have the following meanings unless the context shall clearly indicate otherwise:

(a) Trust shall mean the Hudson River Park Trust.

(b) Contract shall mean an enforceable agreement entered into by the trust and a contractor, including purchase orders.

(c) Contractor shall mean any person, partnership, private corporation or association providing or performing any of the following pursuant to a contract:

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

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

(3) rendering or providing services to the trust.

(d) Designated payment office shall mean that department within the Trust to which a proper invoice is to be submitted by a contractor; unless otherwise specified, the designated payment office shall be:

Office of the Treasurer

Attn: Accounts Payable

Hudson River Park Trust

Pier 40, 2nd Floor

West Street @ West Houston Street

New York, NY 10014

(e) Prompt payment shall mean payment of a debt due and owing by the trust pursuant to a contract before interest accrues thereon pursuant to the provisions of this Part.

(f) Proper invoice shall mean a written request or invoice for contract payment setting forth the description, price and quantity of goods, property or services provided by a contractor, such request or invoice being both in accordance with the terms of the contract and in such form, and supported by such other substantiating documentation, as the trust may reasonably require.

(g) Receipt of a proper invoice shall mean either:

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

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

(h) Set-off shall mean the reduction by the trust 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 trust.

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