Md. Code Regs. 21.06.09.06

Current through Register Vol. 51, No. 20, October 4, 2024

Section 21.06.09.06 - Interest on Late Payments

A. The State shall pay interest on late payments as defined in Regulation .01 of this chapter at the rate of 9 percent per annum if:

(1) The vendor submits an invoice for the late payment interest within 30 days after the date of the State's payment of the amount on which the interest accrued; and

(2) A contract claim has not been filed under State Finance and Procurement Article, Title 15, Subtitle 2, Annotated Code of Maryland.

B. The State is not liable for interest:

(1) Accruing more than one year after the 31st day after the agency receives the proper invoice; or

(2) On any amount representing unpaid interest.

Md. Code Regs. 21.06.09.06

Regulation .06 adopted effective 43:26 Md. R. 1449, eff. 1/2/2017