2013 Maryland Code
STATE FINANCE AND PROCUREMENT
§ 15-104 - Interest on late payments
§15-104.
(a) Except as provided in § 15-105 of this subtitle, interest shall accrue at the rate of 9% per annum on any amount that:
(1) is due and payable by law and under the written procurement contract; and
(2) remains unpaid more than 45 days after a unit receives an invoice.
(b) Interest shall accrue beginning on the 31st day after:
(1) the day on which payment becomes due under a procurement contract; or
(2) if later, the day on which the unit receives an invoice.
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