New Jersey Statutes 18A:18A-10.1. Payment of interest by board of education; definitions
Terms Used In New Jersey Statutes 18A:18A-10.1
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- Board of education: means and includes the board of education of any local school district, consolidated school district, regional school district, county vocational school and any other board of education or other similar body other than the State Board of Education, the Commission on Higher Education or the Presidents' Council, established and operating under the provisions of Title 18A of the New Jersey Statutes and having authority to make purchases and to enter into contracts for the provision or performance of goods or services. See New Jersey Statutes 18A:18A-2
- Contract: means any agreement, including but not limited to a purchase order or a formal agreement, which is a legally binding relationship enforceable by law, between a vendor who agrees to provide or perform goods or services and a board of education which agrees to compensate a vendor, as defined by and subject to the terms and conditions of the agreement. See New Jersey Statutes 18A:18A-2
- Contract: A legal written agreement that becomes binding when signed.
- goods or services: means any work, labor, commodities, equipment, materials, or supplies of any tangible or intangible nature, except real property or any interest therein, provided or performed through a contract awarded by a purchasing agent, including goods and property subject to N. See New Jersey Statutes 18A:18A-2
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
Unless otherwise provided for in the contract, the required payment date shall be 90 calendar days from the date specified in the contract or if no required payment is specified in the contract, then the required payment date shall be 90 calendar days from the receipt of a properly executed invoice, or 90 calendar days from the receipt of goods or services, whichever is later. Interest shall not be paid unless goods and services are rendered.
Interest on amounts due shall be paid to the business concern for the period beginning on the day after the required payment date and ending on the date on which the check for payment is drawn.
Interest shall be paid at the rate specified by the State Treasurer for State late payments to business concerns pursuant to section 4 of P.L.1987, c.184 (C. 52:32-35).
Interest may be paid by separate payment to a business concern, but shall be paid within 30 days of the late payment.
A board of education may waive the interest payment for a delinquency due to circumstances beyond the control of the board of education, including but not limited to a strike or natural disaster.
As used in this section, “business concern” means any person engaged in a trade or business, including a private nonprofit entity operating as an independent contractor, providing goods or services directly to a board of education or to a designated third party and operating pursuant to a contract with a board of education which requires either a single payment or multiple payments, but shall not include a “public utility” as defined in R.S.48:2-13.
L.2018, c.127, s.3.