Texas Government Code 2251.027 – Payment of Interest by Political Subdivision
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(a) A political subdivision shall compute interest imposed on the political subdivision under this chapter.
(b) The political subdivision shall pay the interest at the time payment is made on the principal.
Terms Used In Texas Government Code 2251.027
- Contract: A legal written agreement that becomes binding when signed.
(c) The political subdivision shall submit the interest payment with the net amount due for the goods or service.
(d) The political subdivision may not require a vendor to petition, bill, or wait an additional day to receive the interest due.
(e) The political subdivision may not require a vendor or subcontractor to agree to waive the vendor’s or subcontractor’s right to interest under this chapter as a condition of the contract between the parties.