41 U.S.C. § 7109 — Interest
submitted 15 years ago by Pub. L. 111-350 to r/title-41-PUBLIC-CONTRACTS · 162 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
Interest on an amount found due a contractor* on a claim shall be paid to the contractor for the period beginning with the date the contracting officer* receives the contractor’s claim, pursuant to section 7103(a) of this title, until the date of payment of the claim.
On a claim for which the certification under section 7103(b)(1) of this title is found to be defective, any interest due under this section shall be paid for the period beginning with the date the contracting officer initially receives the contractor’s claim until the date of payment of the claim.
Interest shall accrue and be paid at a rate which the Secretary of the Treasury shall specify as applicable for each successive 6-month period. The rate shall be determined by the Secretary of the Treasury taking into consideration current private commercial rates of interest for new loans maturing in approximately 5 years.
Source credit: (Pub. L. 111–350, § 3, Jan. 4, 2011, 124 Stat. 3825.)
- 2011Enacted · Pub. L. 111-350 · 124 Stat. 3825
A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-350 on 2011-01-04.
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