N.Y. State Finance Law § 179-d: Legislative intent

§ 179-d. Legislative intent. Firms and organizations that do business

with the state of New York expect and deserve to be paid in a prompt and

timely manner. Unjustified delays in paying vendors, construction

contractors, and providers of service may discourage such firms and

organizations from doing business with the state of New York and may

ultimately increase the costs to the state government of purchasing

materials, equipment, and supplies; undertaking construction and

reconstruction projects; and obtaining a wide variety of professional

and other specialized services including those that are provided to

persons in need. Consequently, this legislation sets standards for the

payment of bills incurred by state agencies within specified periods of

time and requires interest payments in situations where contract

payments do not conform to these standards. Consistent with accepted

business practices and with sound principles of fiscal management, it is

the intent of this legislation to encourage state agencies in all three

branches of state government to make payments at least as expeditiously

as they currently do and further to reduce existing payment processing

times whenever feasible, while at the same time permitting the state

agencies to perform proper and reasonable financial oversight activities

designed to ensure that the state government receives the quality of

goods and services to which it is entitled and to ensure that public

funds are spent in a prudent and responsible manner.