Regulation .06 Interest on Late Payments.
Regulation .06 Interest on Late Payments.LinkCopy Citation
A.
The State shall pay interest on late payments as defined in Regulation .01 of this chapter at the rate of 9 percent per annum if:
(1)
The vendor submits an invoice for the late payment interest within 30 days after the date of the State’s payment of the amount on which the interest accrued; and
(2)
A contract claim has not been filed under State Finance and Procurement Article, Title 15, Subtitle 2, Annotated Code of Maryland.
B.
The State is not liable for interest:
(1)
Accruing more than one year after the 31st day after the agency receives the proper invoice; or
(2)
On any amount representing unpaid interest.