§ 15–104

Statutes in effect as of October 1, 2026.

Md. Code Ann., State Fin. & Proc. § 15-104 (2026)

Title 15. Procurement Contract Administration and Dispute Resolution

Subtitle 1. Procurement Contract Administration

(a)

Except as provided in § 15–105 of this subtitle, interest shall accrue at the rate of 9% per annum on any amount that:

(1)

is due and payable by law and under the written procurement contract; and

(2)

remains unpaid more than 37 days after a unit receives an invoice.

(b)

Interest shall accrue beginning on the 31st day after:

(1)

the day on which payment becomes due under a procurement contract; or

(2)

if later, the day on which the unit receives an invoice.