Sec. 1906.2. Definitions

For the purpose of this section, the following terms shall have the following meanings unless the context shall clearly indicate otherwise:

(a) Contract shall mean an enforceable agreement entered into by the corporation and a contractor, including purchase orders.

(b) Contractor shall mean any persons, partnership, association, corporation or organization providing goods, property or services to the corporation pursuant to a contract.

(c) Corporation shall mean the New York State Housing Trust Fund Corporation.

(d) Designated payment department shall mean the department designated by the corporation to which a proper invoice is to be submitted by a contractor.

(e) Prompt payment shall mean payment of a debt due and owing by the corporation before interest accrues thereon pursuant to the provisions of this Part.

(f) Proper invoice shall mean a written request for contract payment setting forth the description, price and quantity of goods, property or services provided by a contractor in such form, and supported by such other substantiating documentation, as the corporation may reasonably require.

(g) Receipt of invoice shall mean either:

(1) the date on which a proper invoice is received by the designated payment department; or

(2) the date on which the corporation receives the purchased goods, property or services covered by the proper invoice, whichever is later.

(h) Setoff shall mean the reduction by the corporation of a payment due to a contractor by an amount equal to the amount of any unpaid legally enforceable debt owed by the contractor to the corporation.