Definitions
Source version current through Sep 15, 2021
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For the purpose of this section, the following terms shall have the following meanings unless the context shall clearly indicate otherwise:
(a)Contract shall mean an enforceable agreement entered into by the corporation and a contractor, including purchase orders.
(b)Contractor shall mean any persons, partnership, association, corporation or organization providing goods, property or services to the corporation pursuant to a contract.
(c)Corporation shall mean the New York State Housing Trust Fund Corporation.
(d)Designated payment department shall mean the department designated by the corporation to which a proper invoice is to be submitted by a contractor.
(e)Prompt payment shall mean payment of a debt due and owing by the corporation before interest accrues thereon pursuant to the provisions of this Part.
(f)Proper invoice shall mean a written request for contract payment setting forth the description, price and quantity of goods, property or services provided by a contractor in such form, and supported by such other substantiating documentation, as the corporation may reasonably require.
(g)Receipt of invoice shall mean either:
(1)the date on which a proper invoice is received by the designated payment department; or
(2)the date on which the corporation receives the purchased goods, property or services covered by the proper invoice, whichever is later.
(h)Setoff shall mean the reduction by the corporation of a payment due to a contractor by an amount equal to the amount of any unpaid legally enforceable debt owed by the contractor to the corporation.