Interest Penalty
The law requires the government to pay a small business within 30 days after receipt of a proper invoice. Payment is considered as being made on the day a check is dated or on the date of an electronic funds transfer. An interest penalty will automatically be paid to the contractor if payment is not made by the due date and if the following conditions are met:
- A proper invoice was received by the designated billing office.
- A receiving report or other government documentation authorizing payment was processed, and there was no disagreement over quantity, quality or compliance by the contractor with any contract term or condition.
- The amount due was not subject to further contract settlement actions between the government and the contractor.
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