Tennessee Code 12-4-703 – When payment required
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Terms Used In Tennessee Code 12-4-703
- Agency: means any entity of the state government, as defined in §. See Tennessee Code 12-4-702
- Business: means a business organization in any form, institution, association, profession, occupation or calling of any kind, whether or not conducted for profit. See Tennessee Code 12-4-702
- Contract: A legal written agreement that becomes binding when signed.
- Property: means anything of value, including, but not limited to, real estate, tangible and intangible personal property, contract rights, choses-in-action and other interests in or claims to wealth, admission or transportation tickets, captured or domestic animals, electric or other power and signatures which purport to create, maintain or extinguish any legal obligation. See Tennessee Code 12-4-702
- Service: includes , but is not limited to: labor. See Tennessee Code 12-4-702
An agency which acquires property or services pursuant to a contract with a business shall pay for each complete delivered item of property or service in accordance with the contract between the business and agency or, if no date or other provision for payment is specified by contract, within forty-five (45) days after receipt of the invoice covering the delivered items or services.