New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter XXXIII - United Nations Development Corporation
Part 2051 - Prompt Payment Regulations
Section 2051.2 - Procedures
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Invoices. In order to initiate any payment pursuant to a contract, a contractor shall be required to submit a proper invoice to the corporation, 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 corporation 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 corporation, or (2) the date on which the corporation receives the purchased goods, property or services covered by the proper invoice, whichever is later.
(b) Schedule of payment.
The existence of any such defect or impropriety shall prevent the commencement of the 45- or 30-day periods specified in paragraph (1) of this subdivision, provided that the corporation 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.