Payment Pursuant to Texas Prompt Payment Act Sample Clauses

Payment Pursuant to Texas Prompt Payment Act. County’s payment for goods and services shall be governed by Chapter 2251 of the Texas Government Code. Invoices shall be paid by County within thirty (30) days from the date of the Xxxxxxxxxx County Auditor’s receipt of an invoice. Interest charges for any late payments shall be paid by County in accordance with Texas Government Code Section 2251.025. More specifically, the rate of interest that shall accrue on a late payment is the rate in effect on September 1 of County’s fiscal year in which the payment becomes due. The said rate in effect on September 1 shall be equal to the sum of one percent (1%); and (2) the prime rate published in the Wall Street Journal on the first day of July of the preceding fiscal year that does not fall on a Saturday or Sunday. In the event that a discrepancy arises in relation to an invoice, such as an incorrect amount on an invoice or a lack of documentation that is required to be attached to an invoice to evidence the amount claimed to be due, County shall notify Tyler of the invoice discrepancy not later than the twenty-first (21st) day after the date on which County receives the invoice. If the error is resolved in favor of Xxxxx, Xxxxx shall be entitled to receive interest on the unpaid balance of the invoice submitted by Tyler beginning on the date that the payment for the invoice became overdue. If the error is resolved in your favor, Tyler shall submit a corrected invoice that must be paid in accordance with the time set forth above. The unpaid balance accrues interest as provided by chapter 2251 of the Texas Government Code if the corrected invoice is not paid by the appropriate date.
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Related to Payment Pursuant to Texas Prompt Payment Act

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