Section 65IAC2-1-21. Penalty for late payments

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(a) Any contract to which the commission is a party shall not require a late payment penalty at a rate in excess of one percent (1%) per month whenever the commission fails to make timely payment.

(b) For the purposes of this section, payment is timely if a check or payment is mailed or delivered on the date specified for the amount specified in the applicable contract documents, or if no date is specified, within thirty-five (35) days receipt of a properly completed claim or invoice. (State Lottery Commission; 65 IAC 2-1-21; emergency rule filed Feb 11, 2011, 2:41 p.m.: 20110216-IR-065110082ERA)

                    
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