This statement is intended to establish rules and regulations as required under section 2880 of the Public Authorities Law describing the prompt payment policy of the Power Authority of the State of New York (the authority). Subject to the conditions and exceptions set forth in section 2880 of the Public Authorities Law and herein, in the event any proper invoice is not paid promptly the authority shall be liable for the payment of interest on late payments. This policy shall apply to all contracts entered into on or after April 30, 1988.