Section 140. Prompt payment of contractors and subcontractors

The procedures shall include provisions related to prompt payment of outstanding invoices which shall include payment of interest on properly presented invoices outstanding more than 14 days beyond the payment date, at a rate no higher than the lowest prime rate charged by any commercial bank as published in the Wall Street Journal. The payment date shall be the later of 30 days from the date of the receipt of goods or invoice, or the date established by the contract. The procedures shall include compliance with the set off procedures of the Virginia Debt Collection Act, § 2.1-726 et seq. of the Code of Virginia, and shall require an annual report to the Board of Visitors of interest paid during each fiscal year. All contracts also shall require prompt payment of subcontractors by the general contractor upon receipt of payment by the university.

Historical Notes

Derived from Volume 12, Issue 21, eff. July 1, 1996.

Statutory Authority

§ 23-77.4 of the Code of the Virginia (Chapters 933 and 995 of 1996 Virginia Acts of Assembly).