Page:United States Statutes at Large Volume 102 Part 3.djvu/503

 PUBLIC LAW 100-496—OCT. 17, 1988

102 STAT. 2455

Public Law 100-496 100th Congress An Act To amend chapter 39 of title 31, United States Code, to require the Federal Government to pay interest on overdue payments, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SHORT TITLE

1. This Act may be cited as the "Prompt Payment Act Amendments of 1988". SECTION

DEFINITIONS AND APPLICATION

SEC. 2. (a) Section 3901(a)(4) of title 31, United States Code, is amended to read as follows: "(4) for the purposes of determining a payment due date and the date upon which any late payment interest penalty shall begin to accrue, the head of the agency is deemed to receive an invoice— "(A) on the later of— "(i) the date on which the place or person designated by the agency to first receive such invoice actually receives a proper invoice; or "(ii) on the 7th day after the date on which, in accordance with the terms and conditions of the contract, the property is actually delivered or performance of the services is actually completed, as the case may be, unless— "(I) the agency has actually accepted such property or services before such 7th day; or "(II) the contract (except in the case of a contract for the procurement of a brand-name commercial item for authorized resale) specifies a longer acceptance period, as determined by the contracting officer to be required to afford the agency a practicable opportunity to inspect and test the property furnished or evaluate the services performed; or "(B) on the date of the invoice, if the agency has failed to annotate the invoice with the date of receipt at the time of actual receipt by the place or person designated by the agency to first receive such invoice.", (b) Section 3901(a)(5) of title 31, United States Code, is amended to read as follows: "(5) a payment is deemed to be made on the date a check for payment is dated or an electronic fund transfer is made.". (c)(1) Section 3901 of such title is further amended by adding at the end the following new subsection:

Oct. 17, 1988 [S. 328] Prompt Payment Act Amendments of 1988. Contracts. 31 USC 3901 note.

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