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006.27.3-R1:19-11-224. Interest, carrying charges, and termination fees.

AR ADC 006.27.3-R1:19-11-224Arkansas Administrative Code

West's Arkansas Administrative Code
Title 006. Department of Finance and Administration
Division 27. Office of State Procurement (Refs & Annos)
Rule 3. Procurement Rules
Ark. Admin. Code 006.27.3-R1:19-11-224
006.27.3-R1:19-11-224. Interest, carrying charges, and termination fees.
Currentness
Limitations.
(1) Contracts may be entered into which contemplate the payment of interest or carrying charges only in the following conditions:
(A) when the interest or carrying charge is required because the term of the contract is extended over a period of time; and
(B) when a provision for termination of the contract is included in the contract, as provided in ยง 19-11-238(c) and the rules promulgated pursuant thereto.
(2) Contracts may be entered into which contain a provision for the payment of the following charges on delinquent accounts: interest charges, carrying charges, late payment charges or any other charge which may be construed as a penalty, but only if incurred sixty (60) days after the due date.
(3) Service charges may be paid on credit card procurements.

Credits

Adopted Jan. 1, 1999.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 006.27.3-R1:19-11-224, AR ADC 006.27.3-R1:19-11-224
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