§ 48-01.2-14 — Late payment - Rate of interest

North Dakota § 48-01.2-14

• Jurisdiction: North Dakota
• Title 48: Public Buildings
• Ch. 48-01.2: Public Improvement Bids and Contracts

Text

If a governing body fails or neglects to consider any estimate properly submitted, pay any
estimate approved, or make final payment upon completion and acceptance of a public
improvement, for a period of more than thirty days from the date of approval of the estimate or
the completion and acceptance date, the governing body shall pay interest on the estimate or
final payment from the date of approval. The interest rate must be the rate per annum of two
percentage points below the Bank of North Dakota prime interest rate as set thirty days from the
date of the estimate or completion date until the issuance of a proper warrant for the payment.
The governing body shall compute and add the interest to the face of the estimate or final
payment and the interest must be charged to the fund upon which payment for the contract is to
be made. No payment for, or on account of, any contract made under this chapter may be made
except upon estimate of the architect, engineer, or contractor as provided in section 48-01.2-13.