New York A05491 mandates that contractors receiving public funds must pay small businesses and minority-owned business enterprises within 10 days of.

New York A05491 amends the state finance law to require contractors receiving public funds to pay small businesses and minority-owned business enterprises within 10 days of receiving an undisputed invoice. This applies to projects funded by public money, where such funds constitute at least 30% of the total project costs and exceed $25,000. The law excludes projects involving the construction, reconstruction, rehabilitation, or repair of buildings or highways for a state agency. Failure to make timely payments results in the accrual of interest at the prevailing rate.

New York A05491 mandates that contractors receiving public funds must pay small businesses and minority-owned business enterprises within 10 days of.

New York A05491 amends the state finance law to require contractors receiving public funds to pay small businesses and minority-owned business enterprises within 10 days of receiving an undisputed invoice. This applies to projects funded by public money, where such funds constitute at least 30% of the total project costs and exceed $25,000. The law excludes projects involving the construction, reconstruction, rehabilitation, or repair of buildings or highways for a state agency. Failure to make timely payments results in the accrual of interest at the prevailing rate.