Sec. 4a-73. (Formerly Sec. 4-121c). Administration of prompt payment provisions.
166 words·~1 min read·
/ct/title-4a/chapter-58-purchases-and-printing/4a-73·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Any state agency required to pay late payment penalties under section 4a-71 shall pay the penalties from funds designated for administrative costs of the agency receiving the public works, personal services, goods and services, equipment or travel. The penalties shall not be paid from other funds of the state.
(b)Any amount of an interest penalty which remains unpaid at the end of any thirty-day period shall be added to the principal amount of the debt and, thereafter, interest penalties shall accrue on that amount.
(c)In instances where a claim is filled out incorrectly or where there is any defect or impropriety in a claim submitted, the state department or agency shall contact the vendor within ten days. An error on the vendor's claim, if corrected within five business days of his being so contacted and within the payment period as determined pursuant to section 4a-71 , shall not result in the vendor being paid after the expiration of the period for timely payment.