Term -Payment Due Date

A11. Section 1315.4(f) of the Prompt Payment rule states that the
period available to an agency to make a timely payment without
incurring an interest penalty begins on the date of receipt of a proper
invoice.

Section 1315.4(b) of the rule provides that an invoice is deemed to be
received on the later of :
    1) the date a proper invoice is received
by an agency if the agency annotates the invoice with the date of
receipt, or
    2) the seventh day after the date in
which goods are delivered or services completed, unless acceptance
occurs earlier or if a longer acceptance period is specified in the
contract. If the agency fails to annotate an invoice with the date of
receipt of the invoice, the date placed on the invoice by the
contractor is used to determine the start date for the payment period.

Unless otherwise specified, Section 1315.4(g) of the Prompt Payment
rule states that payment is due on either:
    1) the date specified in he contract,
    2) in accordance with discount terms
when discounts are offered and taken,
   
3) in accordance with Accelerated Payment Methods, or 4) 30 days after
the start of a payment period, when a proper invoice is received.

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