§ 18-503. Interest on unpaid contracts.

Latest version.

   An amount due and payable under an authorized, written procurement contract and in accordance with law that remains unpaid for more than 45 days after the receipt date shall accrue interest:

   (1) for the period that begins 31 days after the receipt date; and

   (2) at the rate specified in § 11-107(a) of the Courts Article.

HISTORY: An. Code 1957, art. 28, § 2-203; 2012, ch. 426, § 2.

                    
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