Non-scheduled Payments Authorization - michigan 2025

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In 1982, Congress passed the Prompt Payment Act to require Federal agencies to pay their bills on a timely basis; to pay interest penalties when payments are made late, and to take discounts.
The Prompt Payment Act requires State agencies to pay properly submitted, undisputed invoices within 45 calendar days of initial receipt. If the requirement is not met, State departments must automatically calculate and pay the appropriate late payment penalties as specified in Government Code section 927, et seq.
eCheck, debit and credit cards (Visa, MasterCard, and Discover).
Under Michigans prompt payment law, if a payment is delayed beyond the statutory deadline, the unpaid party may include reasonable interest on amounts past due in the next request for payment. Michigans statutes do not define the limits of reasonable interest, though Michigans interest rate law (MCL 438.31) caps
Prompt Payment Act Amendments of 1988 - Revises Federal law to provide that for purposes of determining a payment due date and the date upon which any late payment interest penalty shall begin to accrue, the head of a Federal agency is deemed to have received an invoice on the later of: (1) the date on which the
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Prompt payment is a commercial discipline which requires businesses to: agree fair and reasonable payment terms with their suppliers. ensure suppliers invoices are approved and paid within agreed terms. encourage adoption of the same practices throughout their supply chain.

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