Prompt payment standards and required notices to vendors.

CFR · 2024-01-01 · US · Title 5

Agency business practices shall conform to the following standards: (a) (b) (1) On the later of: (i) For invoices that are mailed, the date a proper invoice is actually received by the designated agency office if the agency annotates the invoice with date of receipt at the time of receipt. For invoices electronically transmitted, the date a readable transmission is received by the designated agency office, or the next business day if received after normal working hours; or (ii) The seventh day after the date on which the property is actually delivered or performance of the services is actually completed; unless— (A) The agency has actually accepted the property or services before the seventh day in which case the acceptance date shall substitute for the seventh day after the delivery date; or (B) A longer acceptance period is specified in the contract, in which case the date of actual acceptance or the date on which such longer acceptance period ends shall substitute for the seventh day after the delivery date; (2) On the date placed on the invoice by the contractor, when the agency fails to annotate the invoice with date of receipt of the invoice at the time of receipt (such invoice must be a proper invoice); or (3) On the date of delivery, when the contract specifies that the delivery ticket may serve as an invoice. (c) (1) Each invoice will be reviewed by the designated agency office as soon as practicable after receipt to determine whether the invoice is a proper invoice

official document · source cfr-2024 · id 5:§ 1315.4