Prompt Payment Interest Rate; Contract Disputes Act, 74408 [07-6197]
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74408
Federal Register / Vol. 72, No. 249 / Monday, December 31, 2007 / Notices
Issued in Washington, DC on December 21,
2007.
D.J. Stadtler,
Director, Office of Financial Management,
Federal Railroad Administration.
[FR Doc. E7–25334 Filed 12–28–07; 8:45 am]
BILLING CODE 4910–06–P
DEPARTMENT OF THE TREASURY
Fiscal Service
Prompt Payment Interest Rate;
Contract Disputes Act
Bureau of the Public Debt,
Fiscal Service, Treasury.
ACTION: Notice.
AGENCY:
SUMMARY: For the period beginning
January 1, 2008, and ending on June 30,
2008, the prompt payment interest rate
and the contract disputes interest rate is
4-3⁄4 per centum per annum.
ADDRESSES: Comments or inquires may
be mailed to Carol Brooks, Accountant,
Borrowings Accounting Team, Division
of Accounting Operations, Office of
Public Debt Accounting, Bureau of the
Public Debt, Parkersburg, West Virginia,
26106–1328. A copy of this Notice is
available at http://
www.publicdebt.treas.gov.
Effective January 1, 2008 to June
30, 2008.
sroberts on PROD1PC70 with NOTICES
DATES:
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Jkt 214001
FOR FURTHER INFORMATION CONTACT:
Veronica Lowther, Acting Director,
Division of Accounting Operations,
Office of Public Debt Accounting,
Bureau of the Public Debt, Parkersburg,
West Virginia, 26106–1328, (304) 480–
5161; Carol Brooks, Accountant,
Borrowings Accounting Team, Division
of Accounting Operations, Office of
Public Debt Accounting, Bureau of the
Public Debt, Parkersburg, West Virginia
26106–1328, (304) 480–5167; Amy
Mertz Brown, Deputy Chief Counsel,
Office of the Chief Counsel, Bureau of
the Public Debt, (202) 504–3715; or
Brenda L. Hoffman, Attorney-Advisor,
Office of the Chief Counsel, Bureau of
the Public Debt, (202) 504–3706.
SUPPLEMENTARY INFORMATION: An agency
acquiring property or services from a
business concern, but failing to pay for
each complete delivered item of
property or service by the required
payment date, must pay the business
concern an interest penalty, commonly
known as the Prompt Payment Interest
Penalty. 31 U.S.C. 3902(a). The
applicable interest rate for determining
this penalty is the rate established by
the Secretary of the Treasury under § 12
of the Contract Disputes Act (codified at
41 U.S.C. 611) and in effect at the time
the agency accrues the obligation to pay
this late payment interest penalty. 31
U.S.C. 3902(a). Agencies must pay the
interest penalty calculated with the
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Prompt Payment Interest Rate, ‘‘for the
period beginning on the day after the
required payment date and ending on
the date on which the payment is
made.’’ 31 U.S.C. 3902(b). If an interest
penalty is owed to a business concern
because of a late payment, the penalty
must be paid regardless of whether the
business concern requested payment of
the penalty.
An agency also must pay interest on
claims found due to contractors that are
submitted to procuring agencies for
payment, payable for the time period
between when the contracting officer
receives the claim and when the
procuring agency pays the claim.
Contract Disputes Act § 12;41 U.S.C.
611.
The Secretary is required to establish
an interest rate for both of these
purposes. 31 U.S.C. 3902(a); 41 U.S.C.
611. Therefore, notice is given that the
Secretary of the Treasury has
determined that the rate of interest for
purposes of both Prompt Payment and
the Contract Disputes Act, applicable for
the period beginning January 1, 2008,
and ending on June 30, 2008, is 4-3⁄4 per
centum per annum.
Kenneth E. Carfine,
Fiscal Assistant Secretary
[FR Doc. 07–6197 Filed 12–28–08; 8:45 am]
BILLING CODE 4810–39–M
E:\FR\FM\31DEN1.SGM
31DEN1
Agencies
[Federal Register Volume 72, Number 249 (Monday, December 31, 2007)]
[Notices]
[Page 74408]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-6197]
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DEPARTMENT OF THE TREASURY
Fiscal Service
Prompt Payment Interest Rate; Contract Disputes Act
AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: For the period beginning January 1, 2008, and ending on June
30, 2008, the prompt payment interest rate and the contract disputes
interest rate is 4-\3/4\ per centum per annum.
ADDRESSES: Comments or inquires may be mailed to Carol Brooks,
Accountant, Borrowings Accounting Team, Division of Accounting
Operations, Office of Public Debt Accounting, Bureau of the Public
Debt, Parkersburg, West Virginia, 26106-1328. A copy of this Notice is
available at http://www.publicdebt.treas.gov.
DATES: Effective January 1, 2008 to June 30, 2008.
FOR FURTHER INFORMATION CONTACT: Veronica Lowther, Acting Director,
Division of Accounting Operations, Office of Public Debt Accounting,
Bureau of the Public Debt, Parkersburg, West Virginia, 26106-1328,
(304) 480-5161; Carol Brooks, Accountant, Borrowings Accounting Team,
Division of Accounting Operations, Office of Public Debt Accounting,
Bureau of the Public Debt, Parkersburg, West Virginia 26106-1328, (304)
480-5167; Amy Mertz Brown, Deputy Chief Counsel, Office of the Chief
Counsel, Bureau of the Public Debt, (202) 504-3715; or Brenda L.
Hoffman, Attorney-Advisor, Office of the Chief Counsel, Bureau of the
Public Debt, (202) 504-3706.
SUPPLEMENTARY INFORMATION: An agency acquiring property or services
from a business concern, but failing to pay for each complete delivered
item of property or service by the required payment date, must pay the
business concern an interest penalty, commonly known as the Prompt
Payment Interest Penalty. 31 U.S.C. 3902(a). The applicable interest
rate for determining this penalty is the rate established by the
Secretary of the Treasury under Sec. 12 of the Contract Disputes Act
(codified at 41 U.S.C. 611) and in effect at the time the agency
accrues the obligation to pay this late payment interest penalty. 31
U.S.C. 3902(a). Agencies must pay the interest penalty calculated with
the Prompt Payment Interest Rate, ``for the period beginning on the day
after the required payment date and ending on the date on which the
payment is made.'' 31 U.S.C. 3902(b). If an interest penalty is owed to
a business concern because of a late payment, the penalty must be paid
regardless of whether the business concern requested payment of the
penalty.
An agency also must pay interest on claims found due to contractors
that are submitted to procuring agencies for payment, payable for the
time period between when the contracting officer receives the claim and
when the procuring agency pays the claim. Contract Disputes Act Sec.
12;41 U.S.C. 611.
The Secretary is required to establish an interest rate for both of
these purposes. 31 U.S.C. 3902(a); 41 U.S.C. 611. Therefore, notice is
given that the Secretary of the Treasury has determined that the rate
of interest for purposes of both Prompt Payment and the Contract
Disputes Act, applicable for the period beginning January 1, 2008, and
ending on June 30, 2008, is 4-\3/4\ per centum per annum.
Kenneth E. Carfine,
Fiscal Assistant Secretary
[FR Doc. 07-6197 Filed 12-28-08; 8:45 am]
BILLING CODE 4810-39-M