Implementation of the Prompt Payment Act: Hearing Before a Subcommittee of the Committee on Government Operations, House of Representatives, Ninety-ninth Congress, Second Session, July 29, 1986, Volume 4 |
Other editions - View all
Common terms and phrases
15 days 30 days acceptance periods Administration AISC amended amount bills BROOKS cash certification Chairman Circular A-125 Coalition Colette Nelson Committee completed CONGRESS THE LIBRARY construction industry construction progress payments contracting officer cost CUSTOMER TOTAL DCAA delay payment designated payment office DINEEN DIOGUARDI documents due date early payment Federal Acquisition Regulation federal agencies federal construction federal government finance government's HORTON implementation improve included interest penalties issue labor late payments legislation LIBRARY OF CONGRES LIBRARY OF CONGRESS Lordan ment Miller Act National Association NFIB OMB's owner paperwork payment centers payment process percent performance Poseidon Industries privity of contract procurement Prompt Pay Act Prompt Payment Act promptly proper invoice proposed receipt receives payment request retainage SCHAEDEL slow pay small business specific statement Subcommittee subcontractors submitted suppliers Swanson-Nunn Electric Tommy Warren Treasury vendors WOLF
Popular passages
Page 145 - States. 1 Resolved by the Senate and House of Representatives 2 of the United States of America in...
Page 136 - ... contracts let by any Federal agency, including contracts and subcontracts for subsystems, assemblies, components, and related services for major systems. It is further the policy of the United States that its prime contractors establish procedures to ensure the timely payment of amounts due pursuant to the terms of their subcontracts with small business concerns and small business concerns owned and controlled by socially and economically disadvantaged individuals.
Page 124 - Many ASA members perform construction for the federal government. Sometimes they serve as prime contractors, contracting directly with the federal government. More often, they serve as subcontractors, dealing with the government only through a prime contractor. In both situations, these specialty trade contractors have a direct and real interest in the federal government's construction program.
Page 131 - Officer shall retain 10 percent of the estimated payment until final completion and acceptance of the contract work. However, if the Contracting Officer finds that satisfactory progress was achieved during any period for which a progress payment Is to be made, the Contracting Officer may authorize such payment in full, without retaining a percentage.
Page 234 - The Contractor agrees that he is as fully responsible to the Owner for the acts and omissions of his subcontractors and of persons either directly or indirectly employed by them, as he is for the acts and ommissions of persons directly employed by him.
Page 127 - 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 item of property or service...
Page 145 - For the period beginning on the day after the required payment date and ending on the date on which payment of the amount due Is made; and (II) Computed at the rate of Interest established by the Secretary of the Treasury, and published in the FEDERAL REGISTER, for interest payments under section 12 of the Contract Disputes Act of 1978 (41 USC 611...
Page 95 - In many cases, late payments alone have deterred small firms from doing business with the government. We think the government suffers when this happens: it is denied access to the most competitive, innovative sector of our economy for needed goods and services.
Page 131 - Withholding of Funds from Construction Contracts Progress Payments", in May 1983. That policy letter declared that "retainage should not be used as a substitute for good contract management" and that decisions to withhold retainage must "be made by contracting officers on a case-by-case basis." On May 30, 1986, after more than three years, OFPP issued a regulation implementing Policy Letter 83-1. As a result of the regulation, all federal construction contracts signed on May 30, 1986 or later, require...
Page 98 - Act specifically spoke to thu point when it required the head of an agency to notify the business concern of a defect or impropriety in the invoice within fifteen days.