Procurement #s Flashcards
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What is due date of contractor invoice if LG rep must first approve?
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25 business days from date invoice is stamped received.
#s ----------- What is due date of contractor invoice & When does Interest hit, %? --- CONSTRUCTION: LG need approve? LG need not first approve? --- NONCONSTRUCTION: General.
#s ----------- CONSTRUCTION: APP: 25 business days from date invoice stamped received. NO APP: 20 bus days. 2% on due date. ----------- NON-CONSTRUCTION: 45 calendar days 1% 30 days thereafter.
#s ----------- State the due dates & interest under Prompt Payment Act for: Construction a) Invoice does not need approval. b) Invoice requires approval. Non-Construction.
#s ----------- CONSTRUCTION: a) No approval needed = 20 BUSINESS days. b) Approval needed = 25 BUSINESS days. c) 2% interest on due date. ----------- NON-CONSTRUCTION: a) 45 CALENDAR days. b) 30 days thereafter get 1% interest.
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What is significance of LG’s receipt of overdue notice?
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how remember? O-W-E-D & L-A-T-E = 4 ltr words
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After 4 business days of delivering an overdue notice, if LG does not reject the invoice it is deemed undisputed.
#s ----------- What is LG required to do if it disputes the invoice or the overdue notice?
#s ----------- w/i 20 days of receipt, provide written rejection, specifying deficiency & stating action to rectify.
#s ----------- If LG sent contractor a written rejection of an invoice & contractor revises the invoice, what now must LG do?
#s ----------- r-e-v-i-s-e-d p-a-y ----------- Pay or notice rejection: a) w/i 10 business days of receipt or b) 1st business day after LG's next meeting.
#s ----------- How long does a contractor have to pay its subs after receiving LG payment?
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10 days.
#s ----------- How long does subcontractor have to pay the sub-subcontractors after receiving contractor's payment?
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7 days.
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What are penalties for late payment?
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2% per month (more if agreed to in K).
NEW 2021 used to be 1%,
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What procedure must LG initiate if there is a payment dispute?
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• w/i 45 days proper invoice was received,
commence its established dispute resolution procedure.
• w/i 60 days proper invoice was received, have final decision.
#s ----------- Re: construction Threshold amt requiring LG to announce for pro services? ----------- BONUS - state the 5 thresholds.
Exceeds $325k const. $35k study
1) $20k
2) $35k
3) $65k
4) $195k
5) $325k
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* confirmed 287.017
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Re: planning or study activity
Threshold amt requiring LG to announce for pro services?
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Exceeds $35k.
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What work is covered by 255.20?
#s ----------- Public Construct Inc. bridges, roads, streets, hiways, RRs • May req qualf • DQ if 10% behind • Prequl by DOT
#s ----------- What is dollar threshold for Construction?
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Over $300k*
* Includes labor, equip + materials
#s ----------- What is dollar threshold for Electrical?
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Over $75k