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Statutes Text

Article - State Finance and Procurement


    (a)    Except as provided in § 15–105 of this subtitle, interest shall accrue at the rate of 9% per annum on any amount that:

        (1)    is due and payable by law and under the written procurement contract; and

        (2)    remains unpaid more than 37 days after a unit receives an invoice.

    (b)    Interest shall accrue beginning on the 31st day after:

        (1)    the day on which payment becomes due under a procurement contract; or

        (2)    if later, the day on which the unit receives an invoice.

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