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NYC Council Introduction 514
intro.nyc/0514-2024
2024-2025 Legislative Session
Interest to be paid on late contract payments to non-profit contractors.
Status: Filed (End of Session)
Committee on Contracts
Introduced: March 7, 2024
This bill would require interest to be paid on late payments under city contracts with non-profit organizations. The non-profit contractor would not be eligible to receive the interest if the non-profit contractor has received a no-interest and no-service-fee loan issued or authorized by a city agency to cover its expenses in relation to the subject contract.