Common use of Interest Penalties to Contractors Clause in Contracts

Interest Penalties to Contractors. 14.5.1.1 The District will pay interest penalties on amounts due to the Contractor under the Quick Payment Act, D.C. Official Code §2-221.01 et seq., for the period beginning on the day after the required payment date and ending on the date on which payment of the amount is made. Interest shall be calculated at the rate of 1% per month. No interest penalty shall be paid if payment for the completed delivery of the item of property or service is made on or before: the 3rd day after the required payment date for meat or a meat product; the 5th day after the required payment date for an agricultural commodity; or the 15th day after the required payment date for any other item.

Interest Penalties to Contractors. 14.5.1.1 Section 14.28.1.1 The District will pay interest penalties on amounts due to the Contractor A/E under the Quick Payment Act, D.C. Official Code §2-221.01 et seq., for the period beginning on the day after the required payment date and ending on the date on which payment of the amount is made. Interest shall be calculated at the rate of 1% per month. No interest penalty shall be paid if payment for the completed delivery of the item of property or service is made on or before: a) the 3rd day after the required payment date for meat or a meat product; b) the 5th day after the required payment date for an agricultural commodity; or c) the 15th day after the required payment date for any other item.

Interest Penalties to Contractors. 14.5.1.1 Section 15.5.1.1 The District will pay interest penalties on amounts due to the Contractor under the Quick Payment Act, D.C. Official Code §2-221.01 et seq., for the period beginning on the day after the required payment date and ending on the date on which payment of the amount is made. Interest shall be calculated at the rate of 1% per month. No interest penalty shall be paid if payment for the completed delivery of the item of property or service is made on or before: the 3rd day after the required payment date for meat or a meat product; the 5th day after the required payment date for an agricultural commodity; or the 15th day after the required payment date for any other item.