Prompt Payment The Prompt Payment rule makes sure that valid and proper invoices submitted by vendors are paid on time by federal agencies. On-time and Late payments If a vendor submits a proper and valid invoice, the agency must pay it on time. If not, the payment is late. In most cases when an agency pays a vendor late, it must pay interest.

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Prompt Payment determines those interest penalties. • • • Early (accelerated) payments – no discount In some cases where it is in the best interest of the government, an agency may pay more quickly than the standard time for payment (without a discount). More about Discounts for early payments In some cases, a vendor may offer the agency discount for early payment. • • Quick Links • Prompt Payment final rule (5 CFR Part 1315) • (clauses related to prompt payments) •: (3/4/99); published by DoD, GSA, and NASA The Federal Acquisition Regulation (FAR) Electronic Funds Transfer (EFT) final rule addresses the use of electronic funds transfer for federal contract payments and provides for the collection of banking information from vendors.

• This final rule provides for late payment interest penalties for Federal government employee travel reimbursements. See §301–71. Acer Veriton 2800 Motherboard Drivers. 210 How do we calculate late payment fees? Contact Us For more information on the Prompt Payment interest rates, call 800-266-9667 or 202-874-9130, or contact: Denice Wilson 202-874-9428.