ASA Celebrates 20 Years of Federal Prompt
Payment Act Amendments ~The
prompt payment dialogue between ASA and the federal government
began in 1971 when ASA testified before the Commission on
Government Procurement. In 1979, the Office of
Management and Budget (OMB) pledged to improve payment on
federal construction. . . . .
Finally, ASA members participated in
the White House Conference on Small business, which included
subcontractor prompt pay in recommendations to the president
and to Congress in 1986. In 1988, President Reagan
signed the Prompt Payment Act Amendments, effective for all
contracts signed after April 1, 1989. As of Jan. 1,
1989, theU.S. government was
late on between $66 billion and $100 billion in payments owed
to companies of all sizes. Read more . .
Part II - Office of Management and Budget
5 CFR Part 1315
Prompt Payment; Final
Rule
View PDF
Federal Prompt Pay Online
Resources
AGC Federal Prompt Pay to HUD
http://www.agc.org/cs/federal_prompt_pay_to_hud
http://www4.law.cornell.edu/uscode/html/uscode31/usc_sup_01_31_08_III_10_39.html
CHAPTER 39PROMPT
PAYMENT
3901. Definitions and application
3902. Interest penalties
3903. Regulations
3904. Limitations on discount payments
3905. Payment provisions relating to construction contracts
[ 3906. Repealed.]
3907. Relationship to
other laws
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