Kentucky HB480 amends state contract regulations to ensure timely payments and establish procedures for partial and late payments.

Kentucky HB480 revises state contract regulations to enhance payment processes. It mandates that all contracts include specifications for partial payments, allowing for disbursement of undisputed amounts or agreed-upon payment processes for goods or services received. The bill also outlines a payment resolution process for late payments, including notification procedures and penalties for nonpayment. Contractors or vendors who have not received payment within 30 business days for undisputed amounts and have incurred credit costs may recover these costs from the purchasing agency.

Kentucky HB480 amends state contract regulations to ensure timely payments and establish procedures for partial and late payments.

Kentucky HB480 revises state contract regulations to enhance payment processes. It mandates that all contracts include specifications for partial payments, allowing for disbursement of undisputed amounts or agreed-upon payment processes for goods or services received. The bill also outlines a payment resolution process for late payments, including notification procedures and penalties for nonpayment. Contractors or vendors who have not received payment within 30 business days for undisputed amounts and have incurred credit costs may recover these costs from the purchasing agency.