65.140 Local governments required to pay for purchases within 30 days -- Interest

125 words·~1 min read·/ky/65-140

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

penalty.

(1)As used in this section, unless the context otherwise requires, "purchaser" means

any city, county, or urban-county government which receives goods or services

from a vendor.

(2)Unless the purchaser and vendor otherwise contract, all bills for goods or services

shall be paid within thirty

(30)working days of receipt of a vendor's invoice except

when payment is delayed because the purchaser has made a written disapproval of

improper performances or improper invoicing by the vendor or by the vendor's

subcontractor.

(3)An interest penalty of one percent (1%) of any amount approved and unpaid shall be

added to the amount approved for each month or fraction thereof after the thirty

working days which followed receipt of vendor's invoice by the purchaser.