Federal Acquisition Regulation; Payment by Electronic Funds Transfer

The Civilian Agency Acquisition Council and the Defense Acquisition Regulations Council have agreed on an interim rule to amend the Federal Acquisition Regulation (FAR) to address the use of electronic funds transfers (EFT) for Federal contract payments, and to facilitate implementation of Public Law 104-134 which mandates payment by EFT in certain situations. This regulatory action was not subject to Office of Management and Budget review under Executive Order 12866, dated September 30, 1993, and is not a major rule under 5 U.S.C. 804. A companion document, the Small Entity Compliance Guide, follows this FAC and may be located on the Internet at http://www.gsa.gov/far.