New York S07001 amends state finance law to modify contracting procedures between state agencies and not-for-profit organizations.

New York S07001 amends the state finance law to change how state agencies contract with not-for-profit organizations. It allows for automatic advance payments of 25% of the total award if contract execution is delayed, and requires interest payments at the current prime rate. The bill also repeals provisions relating to interest payments. Additionally, it establishes a not-for-profit contracting advisory committee to recommend improvements in contracting procedures.

New York S07001 amends state finance law to modify contracting procedures between state agencies and not-for-profit organizations.

New York S07001 amends the state finance law to change how state agencies contract with not-for-profit organizations. It allows for automatic advance payments of 25% of the total award if contract execution is delayed, and requires interest payments at the current prime rate. The bill also repeals provisions relating to interest payments. Additionally, it establishes a not-for-profit contracting advisory committee to recommend improvements in contracting procedures.