10 U.S.C. § 3707 — Interest and penalties for certain overpayments
submitted 5 years ago by Pub. L. 116-283 to r/title-10-ARMED-FORCES · 194 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
If the United States makes an overpayment to a contractor under a contract subject to this chapter and the overpayment was due to the submission by the contractor of defective cost or pricing data*, the contractor shall be liable to the United States—
for interest on the amount of such overpayment, to be computed—
for the period beginning on the date the overpayment was made to the contractor and ending on the date the contractor repays the amount of such overpayment to the United States; and
at the current rate* prescribed by the Secretary of the Treasury under section 6621 of the Internal Revenue Code of 1986; and
if the submission of such defective data was a knowing submission, for an additional amount equal to the amount of the overpayment.
Any liability under this section of a contractor that submits cost or pricing data but refuses to submit the certification required by section 3702(b) of this title with respect to the cost or pricing data shall not be affected by the refusal to submit such certification.
Source credit: (Added and amended Pub. L. 116–283, div. A, title XVIII, § 1831(a), (h), Jan. 1, 2021, 134 Stat. 4209, 4216; Pub. L. 117–81, div. A, title XVII, § 1701(b)(10)(H), Dec. 27, 2021, 135 Stat. 2134.)
- 2021Enacted · Pub. L. 116-283 · 134 Stat. 4209, 4216
- 2021Amended · Pub. L. 117-81 · 135 Stat. 2134
A history note hasn’t been published yet. The record shows enactment by Pub. L. 116-283 on 2021-01-01.
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