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Contractor by the pay date, finance charges may be 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.
CC. Payment by Electronic Funds Transfer (EFT)
Method of payment.
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.
In the event NNPS is unable to release one or more payments by EFT, the Contractor agrees to either—
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).
Mandatory submission of Contractor's EFT information.
The Contractor is required to provide NNPS with the information required to make payment by EFT (see
paragraph (j) of this clause). The Contractor shall provide this information directly to the NNPS Accounting
Department (hereafter referred to as “Accounting”) no later than 15 days prior to submission of the first
request for payment. In the event that the EFT information changes, the Contractor shall be responsible for
providing the updated information to the Accounting.
If the Contractor provides EFT information applicable to multiple contracts, the Contractor shall specifically
state the applicability of this EFT information in terms acceptable to Accounting.
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