OAR 137-049-0840
Interest


(1)

Prompt payment policy. A Contracting Agency shall pay promptly all payments due and owing to the Contractor on Contracts for Public Improvements.

(2)

Interest on progress payments. Late payment interest shall begin to accrue on payments due and owing on the earlier of 30 Days after receipt of invoice or 15 Days after Contracting Agency approval of payment (the “Progress Payment Due Date”). The interest rate shall equal three times the discount rate on 90-day commercial paper in effect on the Progress Payment Due Date at the Federal Reserve Bank in the Federal Reserve district that includes Oregon, up to a maximum rate of 30 percent.

(3)

Interest on final payment. Final payment on the Contract Price, including retainage, shall be due and owing no later than 30 Days after Contract completion and acceptance of the Work. Late-payment interest on such final payment shall thereafter accrue at the rate of one and one-half percent per month until paid.

(4)

Settlement or judgment interest. In the event of a dispute as to compensation due a Contractor for Work performed, upon settlement or judgment in favor of the Contractor, interest on the amount of the settlement or judgment shall be added to, and not made part of, the settlement or judgment. Such interest, at the discount rate on 90-day commercial paper in effect at the Federal Reserve Bank in the Federal Reserve District that includes Oregon, shall accrue from the later of the Progress Payment Due Date, or thirty Days after the Contractor submitted a claim for payment to the Contracting Agency in Writing or otherwise in accordance with the Contract requirements.
137‑049‑0100
Application
137‑049‑0110
Policies
137‑049‑0120
Definitions
137‑049‑0130
Competitive Bidding Requirement
137‑049‑0140
Contracts for Construction Other Than Public Improvements
137‑049‑0150
Emergency Contracts
137‑049‑0160
Intermediate Procurements
137‑049‑0200
Solicitation Documents
137‑049‑0210
Notice and Advertising Requirements
137‑049‑0220
Prequalification of Offerors
137‑049‑0230
Eligibility to Bid or Propose
137‑049‑0240
Pre-Offer Conferences
137‑049‑0250
Addenda to Solicitation Documents
137‑049‑0260
Request for Clarification or Change
137‑049‑0270
Cancellation of Solicitation Document
137‑049‑0280
Offer Submissions
137‑049‑0290
Bid or Proposal Security
137‑049‑0300
Facsimile Bids and Proposals
137‑049‑0310
Electronic Procurement
137‑049‑0320
Pre-Closing Modification or Withdrawal of Offers
137‑049‑0330
Receipt, Opening and Recording of Offers
137‑049‑0340
Late Bids, Late Withdrawals and Late Modifications
137‑049‑0350
Mistakes
137‑049‑0360
First-Tier Subcontractors
137‑049‑0370
Disqualification of Persons
137‑049‑0380
Bid or Proposal Evaluation Criteria
137‑049‑0390
Offer Evaluation and Award
137‑049‑0395
Notice of Intent to Award
137‑049‑0400
Documentation of Award
137‑049‑0410
Time for Contracting Agency Acceptance
137‑049‑0420
Negotiation With Bidders Prohibited
137‑049‑0430
Negotiation When Bids Exceed Cost Estimate
137‑049‑0440
Rejection of Offers
137‑049‑0450
Protest of Contractor Selection, Contract Award
137‑049‑0460
Performance and Payment Security
137‑049‑0470
Substitute Contractor
137‑049‑0490
Foreign Contractor
137‑049‑0600
Purpose
137‑049‑0610
Definitions for Alternative Contracting Methods
137‑049‑0620
Use of Alternative Contracting Methods
137‑049‑0630
Findings, Notice and Hearing
137‑049‑0640
Competitive Proposals
137‑049‑0645
Requests for Qualifications (RFQ)
137‑049‑0650
Requests for Proposals (“RFP”)
137‑049‑0660
RFP Pricing Mechanisms
137‑049‑0670
Design-Build Contracts
137‑049‑0680
Energy Savings Performance Contracts (ESPC)
137‑049‑0690
Construction Manager/General Contractor Services (“CM/GC Services”)
137‑049‑0800
Required Contract Clauses
137‑049‑0810
Waiver of Delay Damages Against Public Policy
137‑049‑0815
BOLI Public Works Bond
137‑049‑0820
Retainage
137‑049‑0830
Contractor Progress Payments
137‑049‑0840
Interest
137‑049‑0850
Final Inspection
137‑049‑0860
Public Works Contracts
137‑049‑0870
Specifications
137‑049‑0880
Records Maintenance
137‑049‑0890
Contracting Agency Payment for Unpaid Labor or Supplies
137‑049‑0900
Contract Suspension
137‑049‑0910
Changes to the Work and Contract Amendments
Last Updated

Jun. 8, 2021

Rule 137-049-0840’s source at or​.us