PASSED

This enacted law adds prompt-payment requirements to City contracts. The City must set deadlines of generally no more than 30 days, or up to 60 days when needed to verify performance, and pay 1.5% monthly interest on late payments; City vendors must follow similar requirements when paying subcontractors, including subcontractors at every level.

Amending Title 17 of The Philadelphia Code, entitled "Contracts and Procurement," by adding provisions requiring the City to pay its vendors promptly and requiring City vendors to pay their subcontractors promptly, all under certain terms and conditions.