What is the City's stance on interest or late charges for late payments?

The City's stance that it will not be liable for any interest or late charges is rooted in the principles of public finance and accountability. This policy reflects a desire to maintain fiscal responsibility and to ensure that public funds are managed efficiently. When engaging contractors, the City aims to establish clear expectations regarding payment terms.

By stating that it will not incur any interest or late charges, the City protects its budgets from unforeseen expenses that could arise from delay penalties or additional fees. This stipulation helps to foster a transparent environment, where contractors are expected to manage their own payment timelines effectively without additional financial burdens being placed on the City's resources.

Additionally, this policy likely aligns with many public sector payment practices where the commitment to timely service is maintained without the necessity of imposing financial penalties, promoting confidence and reliability in public contract dealings.