This page uses extracted PDF text. Text can misread numbers, dates or table columns. Check the PDF before quoting or interpreting it. Redacted areas remain redacted.
assessed by the Contractor. Unless otherwise provided under the terms of this Contract,
interest will accrue at the rate of one percent (1%) per month. This will not apply to late
payment provisions in any public utility tariffs or public utility negotiated Contracts.
Contractor shall include in each of its subcontracts a provision requiring each subcontractor to
include or otherwise be subject to the same payment and interest requirements with respect to
each lower-tier subcontractor.
In cases where payment to Contractor is made by mail, the date of postmark shall be deemed to
be the date payment is made for purposes of this Contract.
Individual Contractors shall provide to NNPS their social security numbers and
proprietorships, partnerships, and corporations to provide their federal employer
identification numbers.
Within seven (7) days after Contractor receives payment from NNPS, Contractor shall take
one or more of the following actions:
1. Pay all subcontractors for the proportionate share of the total payment received from
NNPS attributable to the work performed by the subcontractors under this Contract;
2. Notify NNPS and all affected subcontractors, in writing, of Contractor’s intention to
withhold all or a part of each affected subcontractor’s payment including the reason for
nonpayment.
3. Pay interest to the subcontractor on all amounts owed by the Contractor that remain
unpaid after (7) seven days following receipt by the Contractor of payment from NNPS
for work performed by the subcontractor under that Contract, except for amounts
withheld, as allowed in #2 above.
A Contractor's obligation to pay an interest charge to a subcontractor pursuant to the payment
clause in this section shall not be construed to be an obligation of NNPS. A Contract
modification will not be made for the purpose of providing reimbursement by NNPS for
interest charges owed by Contractor. A cost reimbursement claim to NNPS shall not include
any amounts for reimbursement of interest charges owed by Contractor.
OO. Payment by Electronic Funds Transfer (EFT)
(a) Method of payment.
(1) All payments by Newport News Public Schools (NNPS) under this contract shall be made by
electronic funds transfer (EFT) except as provided in paragraph (a)(2) of this clause. As used in this
clause, the term “EFT” refers to the funds transfer and may also include the payment information
transfer.
(2) In the event NNPS is unable to release one or more payments by EFT, the Contractor agrees to
either—
(i) Accept payment by check or some other mutually agreeable method of payment; or
(ii) Request NNPS to extend payment due dates until such time NNPS makes payment
by EFT (but see paragraph (d) of this clause).
(b) Mandatory submission of Contractor's EFT information.
(1) The Contractor is required to provide NNPS with the information required to make payment by
22Jump to an indexed page (38 of 38)