Federal Acquisition Regulation; Prompt Payment and the Recovery of Overpayment
other · US Department of Defense · Rule · Published 2001-12-18 · Effective 2002-02-19 · 66 FR 65353
Document
Document number
01-30540
Federal Register citation
66 FR 65353
CFR reference
48 CFR 2
Type
Rule
Action
Final rule.
Category
other
Sub-agency
US Department of Defense
Publication date
2001-12-18
Effective date
2002-02-19
DOD docket
FAC 2001-02
Abstract
The Civilian Agency Acquisition Council and the Defense Acquisition Regulations Council (Councils) have agreed on a final rule amending the Federal Acquisition Regulation (FAR) to reflect changes to the Office of Management and Budget (OMB) prompt payment requirements, to simplify and clarify the prompt payment coverage currently in the FAR, to require the contractor to notify the contracting officer if the contractor becomes aware of an overpayment, and to write all new and revised text using plain language.