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Can you summarize SDCL Chapter 5-26?
PUBLIC PROPERTY, PURCHASES AND CONTRACTS > Prompt Payment Act
Short Summary
The provided legal document content pertains to the Prompt Payment Act under the South Dakota Codified Laws. It governs the prompt payment of invoices, purchase orders, and vendor contracts by various entities, including state government agencies, counties, municipalities, public school districts, and certain officers, boards, or commissions authorized to enter into contracts for public improvements or services. The Act aims to ensure timely payment for goods and services provided to these entities. The document defines key terms such as ‘agency,’ ‘business,’ ‘contract,’ ‘property,’ and ‘service.’ It clarifies that ‘service’ includes labor and various other non-tangible commodities. The document does not mention any specific exemptions or penalties for non-compliance.
Whom does it apply to?
The Act applies to various entities, including state government agencies, counties, municipalities, public school districts, and certain officers, boards, or commissions authorized to enter into contracts for public improvements or services.
What does it govern?
The Prompt Payment Act governs the prompt payment of invoices, purchase orders, and vendor contracts.
What are exemptions?
The Act does not mention any specific exemptions.
What are the Penalties?
The Act does not specify any penalties for non-compliance.
Jurisdiction
South Dakota