Interest to be paid on late payments

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<FONT SIZE=2>&#009;Government contractors can now receive interest payments if their federal agency clients do not reconcile invoices within 30 days for interim payments on cost-reimbursement contracts, according to a new Office of Management and Budget rule published Dec. 30 in the <I>Federal Register. </I>The regulation implements Section 1010 of the National Defense Authorization Act of 2001. OMB still must publish a regulation on how to compute interest. </FONT>

Government contractors can now receive interest payments if their federal agency clients do not reconcile invoices within 30 days for interim payments on cost-reimbursement contracts, according to a new Office of Management and Budget rule published Dec. 30 in the Federal Register. The regulation implements Section 1010 of the National Defense Authorization Act of 2001. OMB still must publish a regulation on how to compute interest.

 

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