(1) It is the policy of the City of Philadelphia that a Vendor should be paid promptly. In furtherance of this policy, all Procurement Contracts shall include provisions, in form approved by the City Solicitor, to carry out the following Vendor "prompt payment" requirements:
(a) The City shall specify a time period (the "Prompt Payment Period") within which it will pay invoices properly submitted by a Vendor. The Prompt Payment Period need not be uniform for all Procurement Contracts, but it shall not exceed thirty (30) days unless a greater period of time, not to exceed sixty (60) days, is reasonably required for the City to determine whether goods have been properly provided or services have been properly performed.
(b) If the City fails to make full payment within the Prompt Payment Period, the City shall pay interest on any unpaid amounts at the rate of one and one-half percent (1.5%) per month or part of a month until payment is made, beginning at the expiration of the Prompt Payment Period, except as follows:
(.1) If the form of an invoice is incorrect, defective or otherwise improper, the City shall within ten (10) days after receiving the invoice notify the Vendor that it must resubmit a corrected invoice. If the City fails to so notify the Vendor within such ten (10) day period, the invoice will be deemed correct as to form.
(.2) The City may refuse payment of an invoice, in whole or in part, to the extent the City in good faith believes that the Vendor failed to perform properly under the Procurement Contract, but only if the City, within the Prompt Payment Period, provides written notice to the Vendor detailing the Vendor's failure to perform properly.
(c) A Procurement Contract may include provisions for the resolution of any disputes arising under these "prompt payment" requirements.