N.Y. Comp. Codes R. & Regs. tit. 21 § 1002.3

Current through Register Vol. 46, No. 25, June 18, 2024

Section 1002.3 - Eligible payments

(a) With the exception of the payments described in subdivision (b) of this section, every payment of funds to a contractor pursuant to a contract, and every payment of interest pursuant to this Part, 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. Notwithstanding the foregoing, interest shall not be paid that amounts to less than $10.

(b) Payments are not eligible for interest under this Part when they are due and owing by the corporation:

(1) under the Eminent Domain Procedure Law;

(2) as interest allowed on judgments rendered by a court, except to the extent 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 the corporation when acting in, or incidental to, their public employment capacity; and

(4) in situations where the corporation exercises a legally authorized setoff against all or part of the payment due the contractor.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 1002.3