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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 1. MAYOR AND EXECUTIVE AGENCIES |
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Chapter 1-17. DISTRICT OF COLUMBIA - PAYMENT TO VENDORS |
Section 1-1710. CALCULATION OF INTEREST PENALTIES
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1710.1Interest shall be calculated at the rate of one percent (1%) per month.
1710.2Interest shall be computed from the day after the required payment through the actual payment date.
1710.3When an interest penalty that is owed is not paid, interest shall accrue on the unpaid amount until paid. Interest penalties remaining unpaid for any thirty-day (30) period will be added to the principal, and interest penalties thereafter, will accrue monthly on the total of principal and previously accrued interest.
1710.4When an agency takes a discount after the discount period has expired, the interest payment shall be calculated on the amount of the discount taken, for the period beginning the day after the end of the specified discount period through the actual payment date.
1710.5No interest penalties shall continue to accrue under the following circumstances:
(a)After the filing of a claim for such penalties; or
(b)For more than one (1) year.
1710.6Interest penalties of less than five dollars ($5.00) shall not be paid unless requested.
1710.7Adjustments shall be made for errors in calculating interest, if requested.