Common use of Interest Penalties to Contractors Clause in Contracts

Interest Penalties to Contractors. 14.4.1.1 The District will pay interest penalties on amounts due to the Contractor under the Quick Payment Act, D.C. Official Code §2-221.01 et seq., for the period beginning on the day after the required payment date and ending on the date on which payment of the amount is made. Interest shall be calculated at the rate of 1.5% per month. No interest penalty shall be paid if payment for the completed delivery of the item of property or service is made on or before the required payment date: a. The date on which payment is due under the terms of the Contract; b. Not later than 7 calendar days, excluding legal holidays, after the date of delivery of meat or meat food products; c. Not later than 10 calendar days, excluding legal holidays, after the date of delivery of a perishable agricultural commodity; or

Interest Penalties to Contractors. 14.4.1.1 The District will pay interest penalties on amounts due to the Contractor under the Quick Payment Act, D.C. Official Code §2-221.01 et seq., for the period beginning on the day after the required payment date and ending on the date on which payment of the amount is made. Interest shall be calculated at the rate of 1.5% per month. No interest penalty shall be paid if payment for the completed delivery of the item of property or service is made on or before of the required payment date: a. The date on which payment is due under the terms of the Contract; b. Not later than 7 calendar days, excluding legal holidays, after the date of delivery of meat or meat food products; c. Not later than 10 calendar days, excluding legal holidays, after the date of delivery of a perishable agricultural commodity; or