Prompt Payment Act Amendments of 1987

(Reported to House from the Committee on Government Operations with amendment, H. Rept. 100-784) Prompt Payment Act Amendments of 1988 - Revises Federal law to provide that for purposes of determining a payment due date and the date upon which any late payment interest penalty shall begin to accrue, the head of a Federal agency is deemed to have received an invoice on the later of: (1) the date on which the designated place or person of an agency actually receives it; or (2) the seventh day after the date on which a property is actually delivered, or final performance of a service is actually completed, unless the contract specifies otherwise or the agency has accepted such property or services before such seventh day. Provides that the agency is deemed to receive an invoice on the date of the invoice, if the agency has failed to annotate the invoice with the date of receipt at the time of receipt. Declares that a payment is deemed to be made on the date a check for payment is dated or an electronic fund transfer is made. Makes Federal prompt payment provisions applicable to the United States Postal Service. Makes the Postmaster General responsible for issuing procurement regulations, solicitation provisions, and contract clauses. Declares that the interest rate to be used in computing a late payment interest penalty is the rate in effect on the date the interest begins to acc…

Congressional Research Service · 1988-07-21