Md. Code, State Finance and Procurement § 15-104
This is the official text of Md. Code, State Finance and Procurement § 15-104, part of Maryland’s Code, State Finance and Procurement — governs the state budget and government contracting.
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§15–104.
Official statutory text
(a) Except as provided in § 15–105 of this subtitle, interest shall accrue at the rate of 9% per annum on any amount that:
(1) is due and payable by law and under the written procurement contract; and
(2) remains unpaid more than 37 days after a unit receives an invoice.
(b) Interest shall accrue beginning on the 31st day after:
(1) the day on which payment becomes due under a procurement contract; or
(2) if later, the day on which the unit receives an invoice.
(1) is due and payable by law and under the written procurement contract; and
(2) remains unpaid more than 37 days after a unit receives an invoice.
(b) Interest shall accrue beginning on the 31st day after:
(1) the day on which payment becomes due under a procurement contract; or
(2) if later, the day on which the unit receives an invoice.
Status: in_force · Read it on the official government site
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