[Code of Federal Regulations]
[Title 5, Volume 3]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR1315.20]

[Page 145]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
              CHAPTER III--OFFICE OF MANAGEMENT AND BUDGET
 
PART 1315--PROMPT PAYMENT--Table of Contents
 
Sec. 1315.20  Application of Section 1010 of the National Defense Authorization Act for Fiscal Year 2001.

    Section 1010 of the National Defense Authorization Act for Fiscal 
Year 2001 (Public Law 106-398, 114 Stat. 1654) requires an agency to pay 
an interest penalty whenever the agency makes an interim payment under a 
cost-reimbursement contract for services more than 30 days after the 
date the agency receives a proper invoice for payment from the 
contractor. This part implements Section 1010 and is applicable in the 
following manner:
    (a) This part shall apply to all interim payment requests received 
under cost-reimbursement service contracts awarded on or after December 
15, 2000.
    (b) This part may be applied, at the discretion of the agency, to 
interim payment requests received under cost-reimbursement service 
contracts awarded before December 15, 2000. However, no interest penalty 
shall accrue under this part for any delay in payment that occurs prior 
to December 15, 2000.
    (c) Agencies are authorized to issue modifications to contracts, as 
necessary, to conform them to the provisions in this part implementing 
Section 1010.

[65 FR 78405, Dec. 15, 2000]