Page:United States Statutes at Large Volume 96 Part 2.djvu/1114

 96 STAT. 2476

PUBLIC LAW 97-452—JAN. 12, 1983

31 USC 3903.

«§ 3903. Regulations "The Director of the Office of Management and Budget shall prescribe regulations to carry out section 3902 of this title. The regulations shall— "(1) provide that the required payment date is— "(A) the date payment is due under the contract for the TOi j^jjj Qf property or service provided; or j ^ J, "(B) 30 days after a proper invoice for the amount due is '^' "' received if a specific payment date is not established by contract; "**:,4j.*'> "(2) for the acquisition of meat or a meat food product (as J* di';'defined in section 2(a)(3) of the Packers and Stockyards Act, 1921 (7 U.S.C. 182(3))), provide a required payment date of not later than 7 days after the meat or meat food product is
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delivered; and "(3) for the acquisition of a perishable agricultural commodity (as defined in section 1(4) of the Perishable Agricultural Commodities Act, 1930 (7 U.S.C. 499a(4))), provide a required payment date consistent with that Act; "(4) provide separate required payment dates for a contract under which property or service is provided in a series of partial executions or deliveries to the extent the contract provides for ..,.^,:!^,,. separate payments for partial execution or delivery; and i>T?£i "(^^ require that, within 15 days after an invoice is received, ^K; ^ ! the head of an agency notify the business concern of a defect or impropriety in the invoice that would prevent the running of the time period specified in clause (1)(B) of this section. 31 USC 3904. "The head of an agency offered a discount by a business concern from an amount due under a contract for property or service in exchange for payment within a specified time may pay the discounted amount only if payment is made within the specified Penalty. time. The head of the agency shall pay an interest penalty on an amount remaining unpaid in violation of this section. The penalty accrues as provided under sections 3902 and 3903 of this title, except that the required payment date for the unpaid amount is the last day specified in the contract that the discounted amount may be paid. 31 USC 3905.
 * § 3904. Limitations on discount payments

"§3905. Reports "(a) By the 60th day after the end of each fiscal year, the head of each agency shall submit to the Director of the Office of Management and Budget a report on interest penalty payments made under this chapter during that fiscal year. The report shall include the number, amounts, and frequency of the payments and the reasons the payments were not avoided by prompt payment. "(b) By the 120th day after the end of each fiscal year, the Director shall submit to the (Committees on Governmental Affairs, Appropriations, and Small Business of the Senate and the dlommittees on Government Operations, Appropriations, and Small Business of the House of Representatives a report on agency compliance with this chapter. The report shall include a summary of the report of each agency submitted under subsection (a) of this section and an analysis of progress made in reducing interest penalty payments by that agency from prior years.

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