31-U.S.C.-3904

§3904 – Limitations On Discount Payments

Pathway

Title 31 > Subtitle III > Chapter 39 > Section 3904

Details

• Reference: Section 3904
• Legend: §3904 – Limitations On Discount Payments
• USCode Year: 2013

Provision Content

The head of an agency offered a discount by a business concern from an amount due under a contract for property or service in exchange for payment within a specified time may pay the discounted amount only if payment is made within the specified time. For the purpose of the preceding sentence, the specified time shall be determined from the date of the invoice. The head of the agency shall pay an interest penalty on an amount remaining unpaid in violation of this section. The penalty accrues as provided under sections 3902 and 3903 of this title, except that the required payment date for the unpaid amount is the last day specified in the contract that the discounted amount may be paid.

(Added Pub. L. 97–452, §1(18)(A), Jan. 12, 1983, 96 Stat. 2476; amended Pub. L. 100–496, §8, Oct. 17, 1988, 102 Stat. 2460.)

The word otherwise is omitted as surplus. The words may pay the discounted amount are substituted for may make payment in an amount equal to the discounted price to eliminate unnecessary words. The words on such unpaid amount and the regulations prescribed pursuant to are omitted as surplus. The words specified in the contract that the discounted amount may be paid are substituted for of the specified period of time described in subsection (a) for clarity.

Amendments

1988—Pub. L. 100–496 inserted after first sentence For the purpose of the preceding sentence, the specified time shall be determined from the date of the invoice.

Effective Date of 1988 Amendment

Amendment by Pub. L. 100–496 applicable to payments under contracts awarded, contracts renewed, and contract options exercised during or after the first fiscal quarter which begins more than 90 days after Oct. 17, 1988, see section 14(a) of Pub. L. 100–496, set out as a note under section 3902 of this title.

U.S. Encyclopedia of Law Coverage

31-U.S.C.-3901 in the Legal Encyclopedia: Financial Management

In this entry about 31-U.S.C.-3901, find legal reference material, bibliographies and premiere content related to financial management in the American Encyclopedia of Law, presenting a comprehensive view of the United States financial management-specific issues, written by authorities in the field.

Topic Map

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