63G-6a-1910. Interest rates.
| (1) |
In controversies between a procurement unit and a contractor under this chapter, interest on amounts ultimately determined to be due to a contractor or the procurement unit are payable at the rate applicable to judgments from the date the claim arose through the date of decision or judgment, whichever is later. |
Terms Used In Utah Code 63G-6a-1910
- Contractor: means a person who is awarded a contract with a procurement unit. See Utah Code 63G-6a-103
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Person: means :Utah Code 68-3-12.5
- Procurement: means the acquisition of a procurement item through an expenditure of public funds, or an agreement to expend public funds, including an acquisition through a public-private partnership. See Utah Code 63G-6a-103
| (2) |
Unless otherwise specified in a lawful contract between a procurement unit and the person making a bond claim against the procurement unit, the interest rate applicable to the bond claim is the rate described in Subsection 15-1-1(2). |
| (3) |
This section does not apply to public assistance benefits programs. |
Amended by Chapter 196, 2014 General Session
