§ 2.2-4352. Prompt payment of bills by localities.
Every agency of local government that acquires goods or services, or conductsany other type of contractual business with a nongovernmental, privatelyowned enterprise, shall promptly pay for the completed delivered goods orservices by the required payment date. The required payment date shall beeither: (i) the date on which payment is due under the terms of the contractfor the provision of the goods or services; or (ii) if a date is notestablished by contract, not more than forty-five days after goods orservices are received or not more than forty-five days after the invoice isrendered, whichever is later.
Separate payment dates may be specified for contracts under which goods orservices are provided in a series of partial executions or deliveries to theextent that the contract provides for separate payment for partial executionor delivery.
Within twenty days after the receipt of the invoice or goods or services, theagency shall notify the supplier of any defect or impropriety that wouldprevent payment by the payment date.
Unless otherwise provided under the terms of the contract for the provisionof goods or services, every agency that fails to pay by the payment dateshall pay any finance charges assessed by the supplier that shall not exceedone percent per month.
The provisions of this section shall not apply to the late payment provisionsin any public utility tariffs or public utility negotiated contracts.
§ 2.2-4352. Prompt payment of bills by localities.
Every agency of local government that acquires goods or services, or conductsany other type of contractual business with a nongovernmental, privatelyowned enterprise, shall promptly pay for the completed delivered goods orservices by the required payment date. The required payment date shall beeither: (i) the date on which payment is due under the terms of the contractfor the provision of the goods or services; or (ii) if a date is notestablished by contract, not more than forty-five days after goods orservices are received or not more than forty-five days after the invoice isrendered, whichever is later.
Separate payment dates may be specified for contracts under which goods orservices are provided in a series of partial executions or deliveries to theextent that the contract provides for separate payment for partial executionor delivery.
Within twenty days after the receipt of the invoice or goods or services, theagency shall notify the supplier of any defect or impropriety that wouldprevent payment by the payment date.
Unless otherwise provided under the terms of the contract for the provisionof goods or services, every agency that fails to pay by the payment dateshall pay any finance charges assessed by the supplier that shall not exceedone percent per month.
The provisions of this section shall not apply to the late payment provisionsin any public utility tariffs or public utility negotiated contracts.
§ 2.2-4352. Prompt payment of bills by localities.
Every agency of local government that acquires goods or services, or conductsany other type of contractual business with a nongovernmental, privatelyowned enterprise, shall promptly pay for the completed delivered goods orservices by the required payment date. The required payment date shall beeither: (i) the date on which payment is due under the terms of the contractfor the provision of the goods or services; or (ii) if a date is notestablished by contract, not more than forty-five days after goods orservices are received or not more than forty-five days after the invoice isrendered, whichever is later.
Separate payment dates may be specified for contracts under which goods orservices are provided in a series of partial executions or deliveries to theextent that the contract provides for separate payment for partial executionor delivery.
Within twenty days after the receipt of the invoice or goods or services, theagency shall notify the supplier of any defect or impropriety that wouldprevent payment by the payment date.
Unless otherwise provided under the terms of the contract for the provisionof goods or services, every agency that fails to pay by the payment dateshall pay any finance charges assessed by the supplier that shall not exceedone percent per month.
The provisions of this section shall not apply to the late payment provisionsin any public utility tariffs or public utility negotiated contracts.
