21 CRR-NY 2252.2NY-CRR
21 CRR-NY 2252.2
21 CRR-NY 2252.2
2252.2 Definition of terms.
For the purpose of this policy statement, the following terms shall have the following meanings unless the context shall clearly indicate otherwise.
(a) Agency shall mean the State of New York Mortgage Agency.
(b) Contract shall mean an enforceable agreement entered into by the agency and a contractor, including purchase orders.
(c) Contractor shall mean any person or organizations providing goods, property or services to the agency pursuant to a contract.
(d) Designated payment department shall mean that department within the agency to which a proper invoice is to be submitted by a contractor.
(e) Prompt payment shall mean payment of a debt due and owing by the agency before interest accrues thereon pursuant to the specifications herein.
(f) Proper invoice shall mean a written request for contract payment setting forth the description, price and quantity of goods, property or services provided by a contractor in such form, and supported by such other substantiating documentation, as the agency may reasonably require.
(g) Receipt of an invoice shall mean either:
(1) the date on which a proper invoice is received by the designated payment department; or
(2) the date on which the agency receives the purchased goods, property or services covered by the proper invoice, whichever is later.
(h) Setoff shall mean the reduction by the agency of a payment due to a contractor by an amount equal to the amount of an unpaid legally enforceable debt owed by the contractor to the agency.
21 CRR-NY 2252.2
Current through May 31, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.