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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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STATE FINANCE AND PROCUREMENT |
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DIVISION II. GENERAL PROCUREMENT LAW |
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TITLE 15. PROCUREMENT CONTRACT ADMINISTRATION AND DISPUTE RESOLUTION |
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SUBTITLE 2. DISPUTE RESOLUTION |
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PART III. PROCEDURES FOR DISPUTE RESOLUTION |
§ 15-222. Interest
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(a) Award -- Authorized. -- Notwithstanding any provision of a procurement contract, the Appeals Board may award interest on money that the Appeals Board determines to be due to the unit or the contractor under a contract claim.
(b) Award -- Accrual. --
(1) Subject to paragraph (2) of this subsection, interest may accrue from a day that the Appeals Board determines to be fair and reasonable after hearing all the facts until the day of the decision by the Appeals Board.
(2) Interest may not accrue before the procurement officer receives a contract claim from the unit or the contractor.
(c) Interest on decision. --
(1) Subject to paragraph (2) of this subsection, an award under a decision by the Appeals Board shall accrue interest until the day on which the award is paid.
(2) If an award is reduced as a result of a judicial review of the decision of the Appeals Board, interest shall be paid only on the reduced award.
(d) Rate. -- The rate of interest under this section shall be the rate of interest on judgments as provided under § 11-107 (a) of the Courts Article.