These regulations are adopted by United Nations Development Corporation effective April 30, 1988 in compliance with section 2880 of the Public Authorities Law of the State of New York.

These regulations specify the policies and procedures relating to payment on contracts entered into by United Nations Development Corporation. For purposes of these regulations, a contract is an agreement with any person, partnership, private corporation or association to sell materials, equipment or supplies, or to lease property or equipment to the corporation, to construct, reconstruct, rehabilitate or repair buildings or improvements for or on behalf of the corporation, or to provide any other services to the corporation pursuant to a contract. These regulations shall not apply to payments due and owing by the corporation to its employees.