Md. Code Ann., State Fin. & Proc. § 15-103
Timely payments under procurement contracts; interest
Effective Oct 1, 2025Added by Acts 1988, c. 48, § 2, eff. Oct. 1, 1988. Amended by Acts 2025, c. 601, § 1, eff. Oct. 1, 2025.State of Maryland
(a) It is the policy of the State to make a payment under a procurement contract:
- (1) within 30 days after the day on which the payment becomes due and the unit receives a proper invoice; or
- (2) for a small business reserve contract, within 15 days after the day on which the payment becomes due and the unit receives a proper invoice.
- (b) Interest shall accrue in accordance with § 15-104 of this subtitle.
Added by Acts 1988, c. 48, § 2, eff. Oct. 1, 1988. Amended by Acts 2025, c. 601, § 1, eff. Oct. 1, 2025.