Guam § 22504 - Limitation on Discount Payments.
Full text of Guam Guam Code Annotated § 22504 — Limitation on Discount Payments., with citation guidance and answers to common questions.
§ 22504. Limitation on Discount Payments.
(a) If a business offers a government agency a discount from
the amount otherwise due under a contract for property or services
in exchange for payment within such specified period of time, the
government agency may make payment in an amount equal to the
discounted price only if payment is made within such specified
period of time.
(b) Each government agency which violates Subsection (a)
of this Section shall pay an interest penalty on any amount which
remains unpaid in violation of that Subsection. Such interest
penalty shall accrue on such unpaid amount in accordance with
regulations prescribed pursuant to § 22505 of this Article except
that the required payment date for such unpaid amount shall be the
last day of the specified period of time described in Subsection (a)
of this Section.
Frequently Asked Questions About Guam § 22504
What does Guam Code Annotated § 22504 cover?
Section 22504 ("Limitation on Discount Payments.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 22504?
A common citation format is "Guam Code Annotated § 22504" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 22504 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.