READ AND PASSED

This enacted law requires City contracts to require vendors to pay subcontractors within the same period the City was required to pay the vendor after receiving a proper invoice. Late payments generally accrue interest, and vendors must offer subcontractors the choice of using a payment arrangement administered by PIDC or another funds administrator for approved invoices.

Amending Title 17 of The Philadelphia Code, entitled "Contracts and Procurement," by adding provisions requiring the City Contractors to pay subcontractors promptly and setting forth an alternative process for prompt payment, all under certain terms and conditions.