Common use of Prompt Payment Law Clause in Contracts

Prompt Payment Law. It is the policy of the state of Texas to make payment on a properly prepared and submitted invoice within thirty (30) days of the latter of any final acceptance of performance or the receipt of a properly submitted invoice, in conformance with the Texas Prompt Payment law. Generally, payment will be made on the 30th day unless a discount has been arranged for more immediate payment.

Prompt Payment Law. It is the policy of the state of Texas to make payment on a properly prepared and submitted invoice within thirty (30) days of the latter of any final acceptance of performance or the receipt of a properly submitted invoice, in conformance with the Texas Prompt Payment law. Generally, payment will be made on the 30th day unless a discount has been arranged for more immediate payment. As per Texas Government Code, Chapter 2251, which required all State of Texas agencies, including institutions of higher education, to pay vendor interest at one (1) percent per month, prorated, on late payments that become overdue.