Maryland Code, LAND USE 18-503
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Terms Used In Maryland Code, LAND USE 18-503
- Contract: A legal written agreement that becomes binding when signed.
An amount due and payable under an authorized, written procurement contract and in accordance with law that remains unpaid for more than 45 days after the receipt date shall accrue interest:
(1) for the period that begins 31 days after the receipt date; and
(2) at the rate specified in § 11-107(a) of the Courts Article.