Payment by State Ordering Entities; Interest Sample Clauses

Payment by State Ordering Entities; Interest. Contractor shall allow State Ordering Entities a minimum of thirty (30) days after receipt of an invoice to pay for products or services provided by Contractor. State law and regulations provide that State payments made within 45 days are not considered delinquent, and unless otherwise agreed, State Ordering Entities will pay interest on any unpaid balance beginning on the 46th day at the rate of one percent per month on any unpaid balance until paid in full; provided, however, that interest shall not accrue on unpaid amounts that are the subject of a good faith dispute regarding the obligation to pay all or a portion of the liability. Contractor shall invoice State Ordering Entities separately for accrued interest on delinquent amounts due. The billing shall reference the delinquent payment, the number of day’s interest to be paid, and the applicable interest date. (Section 24-30-202(24), C.R.S., as amended.)
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Related to Payment by State Ordering Entities; Interest

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