Minnesota Receipt and Acceptance of Partial Delivery of Goods
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How to fill out Receipt And Acceptance Of Partial Delivery Of Goods?
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FAQ
The Minnesota legislature made very few changes from the 1962 official text in adopting the Minnesota UCC. The official text contains certain optional sections and alternative provisions, on matters not essential to uniformity, from which adopting states can elect the alternatives they prefer.
Prompt payment to subcontractors. Each contract of a municipality must require the prime contractor to pay any subcontractor within ten days of the prime contractor's receipt of payment from the municipality for undisputed services provided by the subcontractor.
In 1982, Congress passed the Prompt Payment Act to require Federal agencies to pay their bills on a timely basis; to pay interest penalties when payments are made late, and to take discounts.
The UCC has a 4-year statute of limitations under Minn. Stat. § 336.2-725(1).
(a) Unless the building and construction contract provides otherwise, the owner or other persons making payments under the contract must make progress payments monthly as the work progresses. Payments shall be based upon estimates of work completed as approved by the owner or the owner's agent.
(1) Prompt payment for subcontractors. A payment clause that obligates the Contractor to pay the subcontractor for satisfactory performance under its subcontract not later than 7 days from receipt of payment out of such amounts as are paid to the Contractor under this contract.
Invoice errors. If an invoice is incorrect, defective or otherwise improper, the municipality must notify the vendor within ten days of the date of receipt. Upon receiving a corrected invoice from the vendor, the municipality must pay the obligation within the standard payment period defined in subdivision 2.
Penalties under Minnesota's Prompt Payment Act A contractor or subcontractor who receives payment but fails to pay their subcontractors can be required to pay 1.5% interest per month on any undisputed amount not paid on time.
