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 Section 4-06 of the Procurement Policy Rules requires City agencies to process contract payments efficiently and expeditiously so as to assure timely contract payments to those suppliers doing business with the City. The Rule further requires that when payments are made after the Required Payment Date ("RPD"), interest, unless otherwise specified in the Rules, must be paid to the supplier. The Comptroller and the Office of Management & Budget (OMB) have jointly set the new Prompt Payment Interest Rate. The new Prompt Payment Interest Rate is 2.0% effective on payments for the six month period January 1, 2012 – June 30, 2012. Questions on this notice should be directed to: Marla G. Simpson, DirectorMayor's Office of Contract Services 253 Broadway, 9th Floor New York, NY 10007 Tel: (212) 788-0010 |  |
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