Source: https://www.law.cornell.edu/cfr/text/5/1315.4
Timestamp: 2020-08-14 00:52:58
Document Index: 621094400

Matched Legal Cases: ['§ 1315', 'art 1315', '§ 1315', '§ 1315', '§ 1315', '§ 1315', '§ 1315']

5 CFR § 1315.4 - Prompt payment standards and required notices to vendors. | CFR | US Law | LII / Legal Information Institute
Chapter III. OFFICE OF MANAGEMENT AND BUDGET
Subchapter B. OMB DIRECTIVES
Part 1315. PROMPT PAYMENT
Section 1315.4. Prompt payment standards and required notices to vendors.
5 CFR § 1315.4 - Prompt payment standards and required notices to vendors.
(a) Required documentation. Agencies will maintain paper or electronic documentation as required in § 1315.9.
(ii) The seventh day after the date on which the property is actually delivered or performance of the services is actually completed; unless -
(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 as defined in § 1315.9(b);
(f) Starting the payment period. The period available to an agency to make timely payment of an invoice without incurring an interest penalty shall begin on the date of receipt of a proper invoice (see paragraph (b) of this section) except where no invoice is required (e.g., for some recurring payments as defined in § 1315.2(dd)).
(g) Determining the payment due date.
(1) Except as provided in paragraphs (g)(2) through (5) of this section, the payment is due either:
(3) Certain commodity payments.
(i) For meat, meat food products, as defined in Section 2(a)(3) of the Packers and Stockyard Act of 1921 (7 U.S.C. 182(3)), including any edible fresh or frozen poultry meat, any perishable poultry meat food product, fresh eggs, any perishable egg product, fresh or frozen fish as defined in the Fish and Seafood Promotion Act of 1986 (16 U.S.C. 4003(3)), payment will be made no later than the seventh day after delivery.
(j) Timely payment. An agency shall make payments no more than seven days prior to the payment due date, but as close to the due date as possible, unless the agency head or designee has determined, on a case-by-case basis for specific payments, that earlier payment is necessary. This authority must be used cautiously, weighing the benefits of making a payment early against the good stewardship inherent in effective cash management practices. An agency may use the “accelerated payment methods” in § 1315.5 when it determines that such earlier payment is necessary.