Regulation & law · 22/05/2003

Federal Acquisition Regulation; Prompt Payment Under Cost-Reimbursement Contracts for Services

The Civilian Agency Acquisition Council and the Defense Acquisition Regulations Council have agreed on a final rule to amend the Federal Acquisition Regulation, requiring agencies to pay interest penalties for delayed payments under cost-reimbursement contracts for services, with the rule taking effect 30 days after publication in the Federal Register.