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.

Source: Rule 137-049-0840 — Interest, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=137-049-0840.

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