Amends TCA Title 12, Chapter 4.
Tennessee SB1823 amends TCA Title 12, Chapter 4, by reducing the payment timeline for state departments, agencies, or officials contracting with businesses from 45 days to 30 days after receipt of an invoice. The bill affects state entities that enter into contracts for property or services and requires them to report annually to legislative committees on the number and total amount of late payments, as well as any interest paid or outstanding. Key provisions include the shortened payment period and the mandated annual reporting on late payments.
Tennessee SB1823 amends TCA Title 12, Chapter 4, by reducing the payment timeline for state departments, agencies, or officials contracting with businesses from 45 days to 30 days after receipt of an invoice. The bill affects state entities that enter into contracts for property or services and requires them to report annually to legislative committees on the number and total amount of late payments, as well as any interest paid or outstanding. Key provisions include the shortened payment period and the mandated annual reporting on late payments.
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