Md. Code Regs. 21.06.09.05

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

Section 21.06.09.05 - Payment Period

A. Unless payment is deferred, delayed, or set-off under COMAR 21.02.07.03, payment under a procurement contract shall be made within 30 days:

(1) After the day on which the payment becomes due under the procurement contract; or

(2) If later, after the day on which the agency receives a proper invoice.

B. Payment will be considered to be made on the settlement date for an electronic funds transfer payment or the mailing date of the check for a check payment.

C. Payments falling due on a weekend, State holiday, or federal holiday may be made on the following business day without incurring late payment interest penalties.

Md. Code Regs. 21.06.09.05

Regulation .05 adopted effective 43:26 Md. R. 1449, eff. 1/2/2017