NJ PROMPT PAYMENT ACT Sample Clauses

NJ PROMPT PAYMENT ACT. 8.1 For purposes of the State’s Prompt Payment Act N.J.S.A. 2A:30A-1 et seq.: a. An invoice will be deemed to have been received by the Owner when it is received by the person or entity designated by the State to review and sign the invoice on the State’s behalf at the address designated by the State for receipt of contract invoices. Receipt of an invoice by such person or entity shall commence the running of the 20-day period for formal approval and certification as provided under N.J.S.A. 2A:30A-2(a). b. The “billing date” as that term is used in N.J.S.A. 2A:30A-2 shall be the earlier of the date upon which an invoice for payment is approved for payment or 20 days after the invoice is received, per subparagraph “A” above, unless within such 20-day period the invoice is found to be incomplete or otherwise unacceptable and returned to the Consultant with a written explanation of deficiencies. c. In the event that an invoice is found to be deficient and returned to the Consultant, the “billing date” shall be calculated from the date that a corrected invoice is received. d. Payment shall be considered to have been made on the date on which a check for such payment is dated. e. Payment terms (e.g. “net 20”) offered by the Consultant shall not govern the Owner’s obligation to make payment. f. The following periods of time will not be included in the calculation of the due date of any Consultant invoice: 1) Any time elapsed between receipt of an improper invoice and its return to the Consultant, not to exceed 20 calendar days; or 2) Any time elapsed between the State’s return of an improper invoice to the Consultant and the Owner’s receipt of a corrected invoice. 8.2.1 The Provisions of this Article 8 shall not govern the Owner’s payment obligations nor shall they supersede or modify any other contractual provision allowing the withholding of monies from the Consultant to the extent that the Consultant has not performed in accordance with the provisions of the contract. Nor shall this Article 8 govern the State’s payment obligations nor supersede or modify any other contractual provision governing Consultant claims for additional compensation beyond the base contract price and approved contract amendments.
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