Prompt Payment Act

Summary

Prompt Payment Act of 1981 - Requires Federal agencies to pay interest on overdue payments to businesses for property or services. Requires the Office of Management and Budget (OMB) to prescribe required payment dates. Specifies the procedures for computing such interest. Requires an agency to pay any interest charges out of funds made available for administration of its programs. Authorizes Federal grant recipients to provide for the payment of interest on overdue payments on their procurement contracts. Directs each agency to report to OMB annually on interest payments made during the fiscal year. Requires OMB to report to specified congressional committees on agency compliance with this Act. Requires the Director of OMB to delegate responsibility for OMB functions under this Act to the Office of Federal Procurement Policy.

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Versions

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Documents

3 official files

• Passed House amended

  summary · EN · 23 March 1982

  Open at official source

• Reported to House with amendment(s)

  summary · EN · 18 March 1982

  Open at official source

• Introduced in House

  summary · EN · 7 October 1981

  Open at official source

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