Maryland Statutes
Subtitle 1 - Procurement Contract Administration
Section 15-104 - Interest on Late Payments

(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.

Structure Maryland Statutes