§ 15-104. Interest on late payments

   (a) In general. -- 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 45 days after a unit receives an invoice.

(b) Interest accrual. -- 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.

HISTORY: SF § 11-132, 11-134; 1988, ch. 48, § 2; 1993, ch. 160; 1996, ch. 682.