§ 15-104
87 words·~1 min read·
/md/state-finance-and-procurement/15-104·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§15–104.
(a)Except as provided in § 15–105 of this subtitle, interest shall accrue at the rate of 9% per annum on any amount that:
(1)is due and payable by law and under the written procurement contract; and
(2)remains unpaid more than 37 days after a unit receives an invoice.
(b)Interest shall accrue beginning on the 31st day after:
(1)the day on which payment becomes due under a procurement contract; or
(2)if later, the day on which the unit receives an invoice.