Interest to be paid on late contract payments to non-profit contractors.

A Local Law to amend the administrative code of the city of New York, in relation to interest to be paid on late contract payments to non-profit contractors

This bill would require interest to be paid on late payments under city contracts with non-profit organizations. The non-profit contractor would not be eligible to receive the interest if the non-profit contractor has received a no-interest and no-service-fee loan issued or authorized by a city agency to cover its expenses in relation to the subject contract.