Flushing Library Contract eBook

Prompt Payment Interest Rate

Section 4-06 of the Procurement Policy Rules requires City agencies to process contract payments efficiently and expeditiously so as to assure timely contract payments to those suppliers doing business with the City. The Rule further requires that when payments are made after the Required Payment Date ("RPD"), interest, unless otherwise specified in the Rules, must be paid to the supplier. The Comptroller and the Office of Management and Budget (OMB) have jointly set the new Prompt Payment Interest Rate.

Current Prompt Payment Interest Rate: July 1, 2021 - December 31, 2021 1.125%

Current as of 7 April 2022