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Posted on: January 25, 2019

Goods & Services Prompt Payment Law Guidance

Beginning February 1 all goods and services contracts awarded, regardless of dollar amount, will be subject to goods and services prompt payment law, P.L. 2018, c. 127. Unless otherwise specified in a contract, the payment for goods and services will be due no later than 60 calendar days from the receipt of a properly executed invoice or from the date the goods and services were received as certified by an officer or duly designated employee. Otherwise, the municipality will have to pay the vendor interest. For SFY 2019 the interest rate is 2%. Local Finance Notice 2019-02 provides detail guidance on this new law. We suggest you review the Local Finance Notice with your Chief Financial Officer and Purchasing Official to ensure compliance with the new law.

Contact: Lori Buckelew, Senior Legislative Analyst, lbuckelew@njslom.org, 609-695-3481, x112.


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