New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter XXXVII - State Of New York Mortgage Agency
Part 2252 - Prompt Payment Policy
Section 2252.2 - Definition of terms

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 2252.2

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

For the purpose of this policy statement, the following terms shall have the following meanings unless the context shall clearly indicate otherwise.

(a) Agency shall mean the State of New York Mortgage Agency.

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

(c) Contractor shall mean any person or organizations providing goods, property or services to the agency pursuant to a contract.

(d) Designated payment department shall mean that department within the agency to which a proper invoice is to be submitted by a contractor.

(e) Prompt payment shall mean payment of a debt due and owing by the agency before interest accrues thereon pursuant to the specifications herein.

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

(g) Receipt of an invoice shall mean either:

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

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

(h) Setoff shall mean the reduction by the agency 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 agency.

Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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