New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4214 - Prompt Payment Policy Statement › Section 4214.3 - Payment procedures

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Payment
				request procedure. contractors requesting payment by UDC for personal service
				contracts and nonpersonal service contracts shall forward a proper invoice to
				UDC at:
Accounts Payable Department
New York State Urban Development Corporation
1515 Broadway
New York, NY 10036
UDC shall maintain an accounts payable register, into which
				  are entered the date of receipt of the proper invoice (by the designated
				  payment office) and the amount requested for payment. The proper invoice will
				  be reviewed and verified for compliance with the contract and approved. Upon
				  audit and approval, checks will be prepared and issued by the Treasury
				  Department.
(b) Schedule
				for prompt payment. UDC shall comply with the following schedule for prompt
				payment: for proper invoice, prompt payment for the amount of contract payment
				due shall occur within 30 calendar days, excluding legal holidays, after
				receipt of invoice, except in those cases where the conditions contained in
				subdivision (e) of this section apply.
(c) Interest penalty payment. If UDC fails to
				adhere to the payment schedule stated in subdivision (b) of this section
				subject to the provisions of subdivision (e) of this section if any, and
				notwithstanding any other provision of law to the contrary, interest penalties
				shall be computed at the rate equal to the overpayment rate set by the
				Commissioner of Taxation and Finance pursuant to subsection (e) of section
				1096 of the Tax Law, which rate shall be in
				effect on the date the vendor's bill becomes unjustifiably overdue.
(d) Sources of funds to pay interest
				penalties. Funds to pay interest penalties for personal service contracts and
				nonpersonal contracts will be drawn from earnings on investments, fees, and
				miscellaneous income.
(e) Facts and
				conditions which may justify extension of prompt payment without penalty. The
				following facts and conditions shall extend the payment schedule set forth in
				subdivision (b) of this section without imposition of an interest penalty:
(1) If statutory or contractual provisions
				require or authorize an inspection, audit, approval or certification prior to
				payment, in order to determine the resources applied or used by a contractor or
				otherwise to verify that the work, goods or services billed for were provided
				in accordance with the contract;
(2) if the necessary State government
				appropriation required to authorize payment has yet to be enacted;
(3) if another governmental agency must
				examine a proper invoice prior to payment; and
(4) the provisions of subdivision (f) of this
				section which address irregularities of contract compliance, invoice
				preparation and others.
Any time taken to satisfy or rectify any of the facts or
				  conditions described in subdivision (e) of this section shall extend by an
				  equal period of time the date by which contract payments must be made in order
				  for UDC not to become liable for interest payments.