N.Y. Comp. Codes R. & Regs. tit. 2 § 18.2

Current through Register Vol. 46, No. 53, December 31, 2024

Section 18.2 - Eligible payments

(a) With the exception of the payments described in subdivision (b) of this section, every payment of State funds requested by a State agency to be paid to a contractor pursuant to a contract is eligible for interest whenever the payment is not made by the required payment date, unless failure to make such payment is the result of a lien, attachment or other legal process against the money due the contractor. However, only interest amounting to $10 or more will be paid.

(b) Payments are not eligible for interest under this Part when they are due and owing by a State agency:

(1) under the Eminent Domain Procedure Law;

(2) as interest allowed on judgments rendered by a court, except to the extend that interest is incurred under this Part prior to the date of the notice of intent to file a claim, the date of a notice of claim, or the date on which a legal action for the payment of such interest is commenced, whichever occurs first;

(3) to the Federal government; to any State agency or its related instrumentalities; to any duly constituted unit of local government, including but not limited to counties, cities, towns, villages, school districts, special districts or any of their related instrumentalities; to any public authority or public benefit corporation; or to employees of State agencies when acting in, or incidental to, their public employment capacity;

(4) to contractors of third-party payment agreements, including but not limited to the fiscal agent or fiscal intermediary designated pursuant to section 367-b of the Social Services Law;

(5) to entities which receive State funds through any intermediary organization other than a State agency, for example, to entities which receive payments of State funds under a contract with a local government;

(6) in situations where the Comptroller exercises a legally authorized set-off against all or part of the payment due the contractor; and

(7) under a contract entered into on or prior to July 1, 1984 which, as described in section 18.24 of this Part, contains interest provisions which will provide for a greater interest payment to the contractor. In any such case it shall be the responsibility of the agency to obtain any invoices, and prepare and submit any vouchers necessary for the payment of such interest.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 18.2