Federal Acquisition Regulation; Prompt Payment Under Cost-Reimbursement Contracts for Services
other · US Department of Defense · Rule · Published 2003-05-22 · Effective 2003-05-23 · 68 FR 28092
Document
Document number
03-12303
Federal Register citation
68 FR 28092
CFR reference
48 CFR 2
Type
Rule
Action
Final rule.
Category
other
Sub-agency
US Department of Defense
Publication date
2003-05-22
Effective date
2003-05-23
DOD docket
FAC 2001-14
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 adopt, as final, the interim rule published at 66 FR 53485, October 22, 2001. This rule requires an agency to pay an interest penalty whenever it makes an interim payment under a cost reimbursement contract for services more than 30 days after the agency receives a proper invoice from the contractor.